SolarEdge Technologies, Inc. (NASDAQ:SEDG) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) by 35.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 266,773 shares of the semiconductor company's stock after selling 145,455 shares during the quarter. Bank of New York Mellon Corp owned 0.46% of SolarEdge Technologies worth $3,628,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. RWC Asset Management LLP acquired a new stake in shares of SolarEdge Technologies during the fourth quarter worth about $173,000. Meitav Investment House Ltd. lifted its holdings in SolarEdge Technologies by 0.6% in the fourth quarter. Meitav Investment House Ltd. now owns 585,391 shares of the semiconductor company's stock valued at $7,957,000 after acquiring an additional 3,282 shares during the period. Private Advisor Group LLC acquired a new position in SolarEdge Technologies in the fourth quarter valued at approximately $161,000. Principal Financial Group Inc. lifted its holdings in SolarEdge Technologies by 4.4% in the fourth quarter. Principal Financial Group Inc. now owns 277,832 shares of the semiconductor company's stock valued at $3,779,000 after acquiring an additional 11,704 shares during the period. Finally, Y.D. More Investments Ltd lifted its holdings in SolarEdge Technologies by 251.8% in the fourth quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company's stock valued at $53,000 after acquiring an additional 2,770 shares during the period. Institutional investors and hedge funds own 95.10% of the company's stock.

Remove Ads

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery purchased 30,000 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average price of $13.70 per share, with a total value of $411,000.00. Following the purchase, the chairman now directly owns 274,478 shares in the company, valued at approximately $3,760,348.60. This trade represents a 12.27 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.67% of the stock is currently owned by corporate insiders.

SolarEdge Technologies Trading Down 0.5 %

NASDAQ SEDG traded down $0.09 on Friday, reaching $17.03. 2,659,188 shares of the company were exchanged, compared to its average volume of 4,064,310. The business's fifty day moving average price is $15.42 and its 200 day moving average price is $16.09. The stock has a market capitalization of $1.00 billion, a P/E ratio of -0.55 and a beta of 1.78. The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56. SolarEdge Technologies, Inc. has a fifty-two week low of $10.24 and a fifty-two week high of $73.60.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SEDG shares. Truist Financial decreased their price target on SolarEdge Technologies from $15.00 to $14.00 and set a "hold" rating for the company in a report on Thursday, January 16th. BMO Capital Markets downgraded SolarEdge Technologies from a "market perform" rating to an "underperform" rating and boosted their price target for the company from $13.00 to $15.00 in a report on Thursday, February 20th. Morgan Stanley raised SolarEdge Technologies from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $11.00 to $18.00 in a report on Thursday, February 20th. The Goldman Sachs Group boosted their price target on SolarEdge Technologies from $21.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Finally, Citigroup restated a "sell" rating and issued a $9.00 price objective (down from $12.00) on shares of SolarEdge Technologies in a research report on Wednesday, January 8th. Ten research analysts have rated the stock with a sell rating, fifteen have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, SolarEdge Technologies currently has a consensus rating of "Hold" and a consensus price target of $21.65.

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.