Soros Fund Management LLC Makes New Investment in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Soros Fund Management LLC bought a new stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 231,040 shares of the semiconductor company's stock, valued at approximately $5,293,000. Soros Fund Management LLC owned approximately 0.40% of SolarEdge Technologies as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Quarry LP acquired a new position in SolarEdge Technologies in the 2nd quarter worth $36,627,000. Marshall Wace LLP lifted its stake in shares of SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company's stock worth $14,044,000 after acquiring an additional 450,081 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in SolarEdge Technologies by 683.1% in 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 last quarter. Handelsbanken Fonder AB grew its stake in SolarEdge Technologies by 1,634.6% during the 3rd 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 in the last quarter. Finally, E. Ohman J or Asset Management AB grew its stake in SolarEdge Technologies by 109.3% during the 3rd 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 in the last quarter. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Chairman More Avery purchased 156,000 shares of the firm's stock in a transaction on Monday, November 11th. The shares were bought at an average cost of $13.65 per share, for a total transaction 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 trade represents a 176.32 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.67% of the stock is owned by insiders.

SolarEdge Technologies Stock Down 2.0 %

NASDAQ:SEDG traded down $0.25 during trading hours on Friday, reaching $12.34. The company's stock had a trading volume of 2,053,179 shares, compared to its average volume of 3,643,036. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The company has a market cap of $715.10 million, a price-to-earnings ratio of -0.43 and a beta of 1.56. SolarEdge Technologies, Inc. has a one year low of $10.24 and a one year high of $103.15. The business's 50-day moving average is $16.20 and its 200-day moving average is $25.24.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (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 for the quarter, compared to the consensus estimate of $272.80 million. During the same period in the previous year, the company earned ($1.03) EPS. The firm's revenue for the quarter was down 64.0% compared to the same quarter last year. Equities research analysts predict that SolarEdge Technologies, Inc. will post -19.18 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SEDG. Scotiabank cut their target price on shares of SolarEdge Technologies from $46.00 to $41.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 8th. UBS Group reduced their target price on SolarEdge Technologies from $26.00 to $18.00 and set a "neutral" rating on the stock in a report on Friday, November 8th. Susquehanna lowered their price target on SolarEdge Technologies from $20.00 to $11.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Piper Sandler cut SolarEdge Technologies from a "neutral" rating to an "underweight" rating and reduced their price objective for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. Finally, Citigroup lowered their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a "neutral" rating for the company in a research note on Tuesday, October 22nd. Nine 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's stock. Based on data from MarketBeat.com, SolarEdge Technologies presently has an average rating of "Hold" and a consensus 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.