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

Migdal Insurance & Financial Holdings Ltd. lessened its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 95.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 10,941 shares of the semiconductor company’s stock after selling 250,734 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in SolarEdge Technologies were worth $149,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AMG National Trust Bank bought a new position in SolarEdge Technologies during the 3rd quarter worth about $4,055,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of SolarEdge Technologies by 683.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after buying an additional 220,304 shares in the last quarter. Mizuho Markets Americas LLC boosted its holdings in shares of SolarEdge Technologies by 653.4% in the 3rd quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock valued at $4,315,000 after buying an additional 163,340 shares in the last quarter. Meitav Investment House Ltd. boosted its holdings in shares of SolarEdge Technologies by 9.6% in the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after buying an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of SolarEdge Technologies in the 3rd quarter valued at about $1,495,000. 95.10% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was acquired at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.67% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SEDG has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. Mizuho cut shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $35.00 to $11.00 in a research note on Thursday, November 7th. Bank of America cut shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $21.00 to $14.00 in a research note on Thursday, November 7th. Truist Financial reduced their price target on shares of SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, January 16th. Finally, BMO Capital Markets reduced their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research report on Thursday, November 7th. Eight analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, SolarEdge Technologies has an average rating of “Hold” and an average target price of $20.84.

SolarEdge Technologies Stock Performance

NASDAQ:SEDG opened at $14.29 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The company has a fifty day moving average of $14.16 and a two-hundred day moving average of $17.97. The stock has a market capitalization of $828.11 million, a PE ratio of -0.49 and a beta of 1.56. SolarEdge Technologies, Inc. has a fifty-two week low of $10.24 and a fifty-two week high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business’s revenue was down 64.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.03) earnings per share. As a group, research analysts forecast that SolarEdge Technologies, Inc. will post -23.19 earnings per share for the current fiscal year.

SolarEdge Technologies 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.