Harel Insurance Investments & Financial Services Ltd. has increased its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 10.7% during the second quarter, according to a recent filing with the Securities and Exchange Commission. The institutional investor now owns 776,975 shares of SolarEdge Technologies, making it the company’s fifth largest position, comprising 5.1% of Harel Insurance Investments & Financial Services’ holdings. As of the filing date, these shares were valued at $208,896,000.
SolarEdge Technologies recently released its quarterly earnings data on August 1st. The semiconductor company reported an earnings per share (EPS) of $2.06 for the quarter, surpassing the consensus estimate of $2.05 by $0.01. Additionally, the company generated revenue of $991.29 million during the same period, slightly surpassing market expectations set at $989.17 million.
Analysts have weighed in on SolarEdge Technologies in recent reports. TheStreet downgraded the company from a “b-” rating to a “c” rating on August 1st while Bank of America also lowered its rating from “buy” to “neutral” and reduced its target price from $320.00 to $181.00 on August 16th.
Similarly, BMO Capital Markets dropped their target price on August 2nd from $368 to $285 but maintained an “outperform” rating on the stock. On July 18th, Piper Sandler reduced their target price from $395 to $370.
The Goldman Sachs Group also adjusted their target price by dropping it from $414 to $353 with a reaffirmation of their “buy” rating on August 2nd.
Overall, analysts provide varying opinions on SolarEdge Technologies but as per Bloomberg data analysis, at present there is an average rating of “Moderate Buy” and an average target price of $321.14 based on the company’s performance.
This information showcases the current developments regarding SolarEdge Technologies and its standing with investors and analysts. As always, it is important for potential investors to conduct their own research and consult with financial advisors before making any investment decisions.
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SolarEdge Technologies Sees Significant Changes in Stakeholdings and Stock Performance
As of the latest report on September 24, 2023, SolarEdge Technologies has seen significant changes in its stock positions among various hedge funds and institutional investors. Notably, Baillie Gifford & Co. has experienced an astronomical growth of 2,364.6% in its stake in the company during the first quarter. This surge translates to Baillie Gifford & Co. now owning 931,431 shares of SolarEdge Technologies’ stock, valued at a substantial $283,108,000 after acquiring an additional 893,639 shares over the past quarter.
Similarly, Norges Bank entered the scene by acquiring a new position in SolarEdge Technologies during the fourth quarter of approximately $115,423,000. Price T Rowe Associates Inc. MD also witnessed a remarkable surge in its stake by 432.6%, now holding 395,823 shares worth $120,311,000 after purchasing an additional 321,509 shares during this period.
Meanwhile Robeco Schweiz AG followed suit by acquiring a new position worth around $94,454,000 during the first quarter of this year. At the same time- although investing a relatively lesser amount- Point72 Asset Management L.P.’s entry into SolarEdge Technologies is also noteworthy as it acquired a new position worth approximately $75,942,000 during the fourth quarter of 2022.
Currently owned by institutional investors at a rate of 86.11%, this wave of investment activity indicates growing confidence and interest in SolarEdge Technologies.
In other news related to the company’s finances and operations structure itself is CFO Ronen Faier’s recent acquisition of 875 shares on Wednesday August 9th with each share priced at an average cost of $180.10 resulting in a transaction tallying up to be around $157,587.50 The post-purchase count reveals that Ronen Faier currently holds approximately 73,414 shares valued at $13,221,861.40. The disclosure of his purchase was duly submitted to the SEC and can be found through the provided link. Notably, corporate insiders now hold 1.17% of SolarEdge Technologies’ stock.
In terms of stock performance, on Friday September 24th, NASDAQ SEDG opened at $134.60. It’s crucial to note that the company has witnessed a fluctuation in its financial standing and market movement during recent times. Presently carried by a current ratio of 3.84 and boasting of a quick ratio of 2.75 along with an enviable debt-to-equity ratio of 0.27, SolarEdge Technologies is navigating these changes with calculated measures.
With a fifty-day simple moving average currently sitting at $184.10 and a two-hundred-day simple moving average listed as $251.05, it is evident from the figures that SolarEdge Technologies has undergone some volatility in its trading patterns.
The company currently boasts a market cap valued at $7.61 billion alongside a P/E (price-to-earnings) ratio rounding off to precisely 26.03 and P/E/G (price-to-earnings growth) ratio resting comfortably at 0.76 within their industrial sector area.
As investors continue to monitor SolarEdge Technologies closely amidst its year-long low point at $132.79 but previously soaring to its pinnacle high point of $345.80 throughout this year, it remains intriguing to observe how the company will chart its course going forward given the constant shifts in market dynamics and investor sentiments alike.
