Migdal Insurance & Financial Holdings Ltd. Reduces Stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Migdal Insurance & Financial Holdings Ltd. lowered its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) by 38.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 261,675 shares of the semiconductor company's stock after selling 160,163 shares during the period. Migdal Insurance & Financial Holdings Ltd. owned about 0.46% of SolarEdge Technologies worth $5,997,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. M&G PLC raised its stake in shares of SolarEdge Technologies by 4.2% during the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company's stock valued at $21,452,000 after purchasing an additional 38,001 shares during the period. Harvest Portfolios Group Inc. bought a new stake in shares of SolarEdge Technologies during the 3rd quarter valued at $353,000. Van ECK Associates Corp raised its stake in shares of SolarEdge Technologies by 12.1% during the 3rd quarter. Van ECK Associates Corp now owns 78,635 shares of the semiconductor company's stock valued at $1,802,000 after purchasing an additional 8,490 shares during the period. US Bancorp DE raised its stake in shares of SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company's stock valued at $156,000 after purchasing an additional 4,834 shares during the period. Finally, Bank Hapoalim BM raised its stake in shares of SolarEdge Technologies by 2.5% during the 3rd quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company's stock valued at $769,000 after purchasing an additional 812 shares during the period. 95.10% of the stock is currently owned by institutional investors.

SolarEdge Technologies Stock Down 9.1 %

SEDG traded down $1.35 during trading on Friday, hitting $13.53. 7,877,671 shares of the company's stock traded hands, compared to its average volume of 5,314,403. The stock has a market capitalization of $775.27 million, a price-to-earnings ratio of -0.47 and a beta of 1.59. SolarEdge Technologies, Inc. has a 12-month low of $12.38 and a 12-month high of $103.15. The company has a current ratio of 2.34, a quick ratio of 2.45 and a debt-to-equity ratio of 0.39. The company's 50 day simple moving average is $19.12 and its two-hundred day simple moving average is $30.52.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts' consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same period in the prior year, the business posted ($1.03) earnings per share. SolarEdge Technologies's revenue for the quarter was down 64.0% compared to the same quarter last year. Analysts predict that SolarEdge Technologies, Inc. will post -8.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SEDG shares. BMO Capital Markets cut their price objective on SolarEdge Technologies from $21.00 to $12.00 and set a "market perform" rating for the company in a report on Thursday. JPMorgan Chase & Co. cut their price objective on SolarEdge Technologies from $35.00 to $29.00 and set an "overweight" rating for the company in a report on Wednesday, October 23rd. Guggenheim cut SolarEdge Technologies from a "neutral" rating to a "sell" rating and set a $10.00 price objective for the company. in a report on Thursday, October 17th. Royal Bank of Canada cut their price objective on SolarEdge Technologies from $35.00 to $25.00 and set a "sector perform" rating for the company in a report on Tuesday, October 15th. Finally, TD Cowen cut their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a "hold" rating for the company in a report on Thursday. Nine research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $23.79.

SolarEdge Technologies Company Profile

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.