Assenagon Asset Management S.A. Increases Stock Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Assenagon Asset Management S.A. raised its holdings in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) by 182.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 874,113 shares of the semiconductor company's stock after purchasing an additional 564,490 shares during the period. Assenagon Asset Management S.A. owned 1.51% of SolarEdge Technologies worth $11,888,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company's stock valued at $72,000 after acquiring an additional 4,567 shares during the last quarter. Tidal Investments LLC boosted its position in shares of SolarEdge Technologies by 19.7% in the 3rd quarter. Tidal Investments LLC now owns 63,862 shares of the semiconductor company's stock worth $1,463,000 after purchasing an additional 10,515 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of SolarEdge Technologies by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company's stock valued at $16,227,000 after acquiring an additional 25,474 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of SolarEdge Technologies in the 3rd quarter valued at approximately $278,000. Finally, Two Sigma Advisers LP boosted its stake in SolarEdge Technologies by 0.3% during the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company's stock worth $26,166,000 after acquiring an additional 3,400 shares during the last quarter. Institutional investors own 95.10% of the company's stock.

Insider Activity at SolarEdge Technologies

In other news, Chairman More Avery bought 156,000 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the transaction, the chairman now directly owns 244,478 shares of the company's stock, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.67% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Guggenheim upgraded shares of SolarEdge Technologies from a "sell" rating to a "neutral" rating in a report on Wednesday, November 20th. Truist Financial dropped their target price on shares of SolarEdge Technologies from $15.00 to $14.00 and set a "hold" rating on the stock in a report on Thursday. TD Cowen decreased their price target on shares of SolarEdge Technologies from $16.00 to $11.00 and set a "hold" rating for the company in a research note on Thursday, November 7th. Bank of America lowered shares of SolarEdge Technologies from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $21.00 to $14.00 in a research report on Thursday, November 7th. Finally, BMO Capital Markets decreased their target price on shares of SolarEdge Technologies from $21.00 to $12.00 and set a "market perform" rating for the company in a research report on Thursday, November 7th. Eight research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $21.24.

SolarEdge Technologies Stock Down 2.1 %

NASDAQ:SEDG traded down $0.30 on Friday, hitting $13.91. The company had a trading volume of 2,963,570 shares, compared to its average volume of 4,715,881. The firm has a 50 day moving average of $13.81 and a two-hundred day moving average of $19.34. SolarEdge Technologies, Inc. has a 52 week low of $10.24 and a 52 week high of $87.98. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company's quarterly revenue was down 64.0% compared to the same quarter last year. During the same quarter last year, the company earned ($1.03) earnings per share. As a group, sell-side analysts expect that SolarEdge Technologies, Inc. will post -23.2 EPS for the current year.

About SolarEdge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.