Guinness Asset Management LTD Has $1.03 Million Stock Holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Guinness Asset Management LTD trimmed its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 24.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 75,973 shares of the semiconductor company’s stock after selling 24,017 shares during the quarter. Guinness Asset Management LTD’s holdings in SolarEdge Technologies were worth $1,033,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SEDG. KBC Group NV boosted its holdings in SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after purchasing an additional 1,378 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after buying an additional 4,567 shares during the last quarter. US Bancorp DE lifted its position in shares of SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after buying an additional 4,834 shares during the last quarter. GFG Capital LLC bought a new stake in shares of SolarEdge Technologies during the 3rd quarter worth about $229,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of SolarEdge Technologies during the 3rd quarter valued at about $278,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Canaccord Genuity Group boosted their target price on SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Tuesday, January 7th. Bank of America cut shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $21.00 to $14.00 in a research note on Thursday, November 7th. Wells Fargo & Company lowered their target price on shares of SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Finally, StockNews.com raised SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $21.24.

SolarEdge Technologies Stock Down 2.1 %

Shares of SEDG opened at $13.91 on Monday. 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 stock has a 50 day simple moving average of $13.81 and a 200-day simple moving average of $19.30. SolarEdge Technologies, Inc. has a 1 year low of $10.24 and a 1 year high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG) 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). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same period in the previous year, the company posted ($1.03) EPS. The firm’s revenue for the quarter was down 64.0% compared to the same quarter last year. As a group, equities research analysts expect that SolarEdge Technologies, Inc. will post -23.2 earnings per share for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction on Monday, November 11th. The shares were bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares in the company, 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 SEC, which is available through the SEC website. Company insiders own 0.67% of the company’s stock.

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.