Point72 Asset Management L.P. recently announced that it has acquired a new position in SolarEdge Technologies, Inc. (NASDAQ:SEDG), making yet another move into the renewable energy sector. The institutional investor purchased over 268,000 shares in the semiconductor company, worth roughly $75 million, according to the most recent filing with the Securities and Exchange Commission (SEC).
This strategic acquisition comes as no surprise given Point72’s previous investments in numerous companies within the industry, including First Solar and SunPower Corp. As well as indicating an increase in confidence within the renewable technology sector, it also serves as testament to SolarEdge’s current standing as a force within this industry.
Founded in 2006 by Guy Sella alongside a small group of engineers driven to deliver optimized solar electricity for commercial and residential purposes, SolarEdge Technologies designs and develops inverters for maximizing power generation. As an innovative company distinguished by its cutting-edge technology, it is no wonder why investors such as Point72 Asset Management L.P. are enthusiastic about getting involved.
SolarEdge’s characteristic success can be attributed in part to consistent forward-thinking strategies employed across their multiple segments of operations: specifically within Solar and All Other business sectors. At present values indicate that 0.48% of SolarEdge is owned by Point72 Asset Management L.P., which affirms immense strength not only within this company but potentially the future of clean energy solutions as well.
Meanwhile insiders at the firm are also taking advantage of surging investor interest by selling shares through giant insider Meir Adest who recently sold 2,500 shares of stock on Thursday, May 4th valued at just above $750K – a considerable investment whichever way you look at it.
Overall, these latest developments will likely spark renewed enthusiasm among shareholders who seek growth potential without compromising their ethical responsibilities towards our planet.
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Renewable Energy Technology Company SolarEdge Technologies Sees Significant Institutional Investment
Renewable energy technology company SolarEdge Technologies, Inc. has seen significant share purchases and sales from institutional investors and hedge funds recently. IFP Advisors Inc increased its holdings by 35.1% in the third quarter, while Addison Advisors LLC increased its stake by 47.5% in the fourth quarter. CI Investments more than doubled its position in SEDG during the same period before Harvest Fund Management purchased a new stake and Quadrant Capital Group raised its stake by 163.2%. Hedge funds and institutional investors now own 80.01% of SEDG’s stock. Analysts have issued a range of ratings for the stock, with Bloomberg.com showing a consensus rating of “Moderate Buy” and an average target price of $374.26.
SEDG develops energy technology with a focus on inverter solutions to maximise power generation through solar power investment. Its USD$16bn market cap reflects investor confidence that clean-energy solutions are poised for major growth, with share prices reaching $375 at their highest point over the past year after better-than-expected Q1 earnings were released.