Fmr LLC Sells 78,428 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

FMR LLC lessened its position in SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) by 2.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,615,427 shares of the semiconductor company's stock after selling 78,428 shares during the period. FMR LLC owned about 4.51% of SolarEdge Technologies worth $59,919,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SEDG. Quarry LP bought a new position in shares of SolarEdge Technologies in the second quarter worth approximately $36,627,000. Marshall Wace LLP lifted its position in SolarEdge Technologies by 425.1% during the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company's stock valued at $14,044,000 after purchasing an additional 450,081 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in SolarEdge Technologies by 683.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company's stock valued at $5,786,000 after purchasing an additional 220,304 shares during the period. Handelsbanken Fonder AB lifted its position in SolarEdge Technologies by 1,634.6% during the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company's stock valued at $4,911,000 after purchasing an additional 202,010 shares during the period. Finally, E. Ohman J or Asset Management AB lifted its position in SolarEdge Technologies by 109.3% during the third quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company's stock valued at $8,559,000 after purchasing an additional 195,085 shares during the period. Institutional investors own 95.10% of the company's stock.

Insider Activity at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the stock in a transaction on Monday, November 11th. The stock was acquired at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares of the company's stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.67% of the stock is currently owned by corporate insiders.

SolarEdge Technologies Price Performance

SEDG traded up $0.19 during trading on Friday, hitting $12.78. 3,420,233 shares of the company traded hands, compared to its average volume of 6,262,159. The company has a market cap of $740.60 million, a PE ratio of -0.44 and a beta of 1.56. The stock's 50-day simple moving average is $15.99 and its two-hundred day simple moving average is $24.99. SolarEdge Technologies, Inc. has a 1 year low of $10.24 and a 1 year high of $103.15. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its earnings results 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 company had revenue of $260.90 million for the quarter, compared to analysts' expectations of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business's revenue was down 64.0% on a year-over-year basis. During the same period in the previous year, the business posted ($1.03) earnings per share. As a group, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Bank of America downgraded shares of SolarEdge Technologies from a "neutral" rating to an "underperform" rating and lowered their price objective for the company from $21.00 to $14.00 in a research report on Thursday, November 7th. UBS Group lowered their price objective on shares of SolarEdge Technologies from $26.00 to $18.00 and set a "neutral" rating on the stock in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of SolarEdge Technologies from $40.00 to $25.00 and set a "hold" rating on the stock in a research report on Friday, August 9th. Jefferies Financial Group downgraded shares of SolarEdge Technologies from a "hold" rating to an "underperform" rating and lowered their price objective for the company from $27.00 to $17.00 in a research report on Tuesday, September 17th. Finally, Susquehanna reduced their target price on shares of SolarEdge Technologies from $20.00 to $11.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Nine investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $22.04.

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.