M&G Plc Buys 38,001 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

M&G PLC boosted its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) by 4.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 932,711 shares of the semiconductor company's stock after buying an additional 38,001 shares during the quarter. M&G PLC owned approximately 1.63% of SolarEdge Technologies worth $21,452,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SEDG. GSA Capital Partners LLP lifted its holdings in SolarEdge Technologies by 113.3% in the first quarter. GSA Capital Partners LLP now owns 12,379 shares of the semiconductor company's stock valued at $879,000 after buying an additional 6,576 shares during the period. Texas Permanent School Fund Corp lifted its position in shares of SolarEdge Technologies by 1.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company's stock worth $3,525,000 after buying an additional 585 shares in the last quarter. Swiss National Bank boosted its stake in shares of SolarEdge Technologies by 0.5% in the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company's stock worth $7,957,000 after buying an additional 600 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of SolarEdge Technologies by 24.9% in the first quarter. ProShare Advisors LLC now owns 10,030 shares of the semiconductor company's stock valued at $712,000 after acquiring an additional 1,997 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new stake in shares of SolarEdge Technologies during the first quarter valued at approximately $236,000. Institutional investors own 95.10% of the company's stock.

SolarEdge Technologies Stock Performance

SEDG traded down $1.35 during midday trading on Friday, hitting $13.53. 7,872,062 shares of the company traded hands, compared to its average volume of 3,473,123. The company's 50-day moving average is $19.12 and its 200 day moving average is $30.89. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $775.27 million, a PE ratio of -0.47 and a beta of 1.59. SolarEdge Technologies, Inc. has a 52 week low of $12.38 and a 52 week high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 56.32%. The firm had revenue of $265.41 million for the quarter, compared to the consensus estimate of $264.31 million. During the same quarter in the prior year, the firm earned $2.06 earnings per share. The company's revenue for the quarter was down 73.2% compared to the same quarter last year. On average, research analysts expect that SolarEdge Technologies, Inc. will post -8.85 EPS for the current year.

Wall Street Analysts Forecast Growth

SEDG has been the topic of several research reports. The Goldman Sachs Group lowered their price objective on shares of SolarEdge Technologies from $19.00 to $10.00 and set a "sell" rating on the stock in a research report on Thursday. StockNews.com upgraded SolarEdge Technologies to a "sell" rating in a research note on Friday. Piper Sandler downgraded SolarEdge Technologies from a "neutral" rating to an "underweight" rating and cut their price target for the stock from $17.00 to $9.00 in a research note on Thursday. TD Cowen reduced their target price 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. Finally, Guggenheim cut shares of SolarEdge Technologies from a "neutral" rating to a "sell" rating and set a $10.00 price target on the stock. in a research note on Thursday, October 17th. Nine equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $23.79.

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.