SIR Capital Management L.P. Purchases Shares of 188,900 SolarEdge Technologies, Inc. (NASDAQ:SEDG)

SIR Capital Management L.P. purchased a new position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 188,900 shares of the semiconductor company’s stock, valued at approximately $2,569,000.

A number of other hedge funds also recently modified their holdings of the business. Millstone Evans Group LLC bought a new position in SolarEdge Technologies during the fourth quarter worth $27,000. Jones Financial Companies Lllp raised its position in shares of SolarEdge Technologies by 401.2% in the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 1,954 shares in the last quarter. Y.D. More Investments Ltd lifted its stake in shares of SolarEdge Technologies by 251.8% in the 4th quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company’s stock valued at $53,000 after purchasing an additional 2,770 shares during the period. R Squared Ltd bought a new stake in shares of SolarEdge Technologies during the 4th quarter valued at about $61,000. Finally, Resona Asset Management Co. Ltd. bought a new stake in shares of SolarEdge Technologies during the 4th quarter valued at about $133,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Price Performance

Shares of NASDAQ:SEDG opened at $20.84 on Friday. SolarEdge Technologies, Inc. has a fifty-two week low of $10.24 and a fifty-two week high of $53.58. The company’s 50-day moving average is $14.94 and its 200 day moving average is $14.74. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.46 and a current ratio of 1.95. The company has a market capitalization of $1.23 billion, a P/E ratio of -0.67 and a beta of 1.50.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.12. SolarEdge Technologies had a negative net margin of 192.13% and a negative return on equity of 95.05%. The firm had revenue of $219.48 million during the quarter, compared to the consensus estimate of $205.39 million. During the same period in the prior year, the firm earned ($1.90) EPS. The company’s revenue was up 7.4% compared to the same quarter last year. On average, equities research analysts forecast that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current year.

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery purchased 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average cost of $13.70 per share, for a total transaction of $411,000.00. Following the purchase, the chairman now owns 274,478 shares of the company’s stock, valued at $3,760,348.60. This represents a 12.27% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.67% of the company’s stock.

Analyst Upgrades and Downgrades

SEDG has been the topic of several recent analyst reports. Jefferies Financial Group dropped their price target on SolarEdge Technologies from $12.00 to $9.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley reiterated an “underweight” rating and issued a $10.00 price objective on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Wells Fargo & Company cut 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, May 7th. The Goldman Sachs Group lifted their price target on shares of SolarEdge Technologies from $21.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Finally, Northland Securities raised shares of SolarEdge Technologies from an “under perform” rating to a “market perform” rating and set a $12.50 price objective on the stock in a research report on Friday, April 25th. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, SolarEdge Technologies presently has an average rating of “Hold” and an average price target of $16.32.

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.