Guinness Asset Management LTD Sells 23,700 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Guinness Asset Management LTD reduced its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 17.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 110,857 shares of the semiconductor company’s stock after selling 23,700 shares during the period. Guinness Asset Management LTD owned about 0.19% of SolarEdge Technologies worth $7,866,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in SEDG. Rhumbline Advisers lifted its holdings in shares of SolarEdge Technologies by 1.4% during the third quarter. Rhumbline Advisers now owns 65,499 shares of the semiconductor company’s stock valued at $8,483,000 after purchasing an additional 892 shares in the last quarter. Pearl River Capital LLC raised its holdings in shares of SolarEdge Technologies by 82.8% in the third quarter. Pearl River Capital LLC now owns 7,024 shares of the semiconductor company’s stock worth $910,000 after buying an additional 3,182 shares during the period. Aigen Investment Management LP purchased a new position in SolarEdge Technologies during the 3rd quarter worth $362,000. CI Investments Inc. increased its holdings in shares of SolarEdge Technologies by 3,556.8% in the 3rd quarter. CI Investments Inc. now owns 5,668 shares of the semiconductor company’s stock valued at $734,000 after acquiring an additional 5,513 shares during the period. Finally, V Square Quantitative Management LLC boosted its position in shares of SolarEdge Technologies by 1,309.1% in the 3rd quarter. V Square Quantitative Management LLC now owns 1,395 shares of the semiconductor company’s stock worth $181,000 after purchasing an additional 1,296 shares in the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SEDG shares. Canaccord Genuity Group lowered their target price on SolarEdge Technologies from $75.00 to $58.00 and set a “hold” rating on the stock in a report on Thursday, May 9th. The Goldman Sachs Group decreased their price target on SolarEdge Technologies from $64.00 to $49.00 and set a “sell” rating on the stock in a research note on Thursday, May 9th. BMO Capital Markets cut their price target on SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating for the company in a report on Thursday, May 9th. Wells Fargo & Company lowered their price objective on shares of SolarEdge Technologies from $81.00 to $62.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 15th. Finally, Roth Mkm decreased their price objective on shares of SolarEdge Technologies from $76.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Four research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $85.19.

SolarEdge Technologies Stock Performance

Shares of SEDG stock traded down $1.30 during trading hours on Friday, reaching $33.01. 6,376,606 shares of the company traded hands, compared to its average volume of 2,179,237. SolarEdge Technologies, Inc. has a 12-month low of $32.54 and a 12-month high of $288.87. The company has a quick ratio of 2.19, a current ratio of 4.54 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $50.75 and a 200 day moving average price of $67.14.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share for the quarter, missing the consensus estimate of ($2.07) by ($0.35). The company had revenue of $204.40 million for the quarter, compared to the consensus estimate of $194.82 million. SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. On average, analysts anticipate that SolarEdge Technologies, Inc. will post -6.08 earnings per share for the current year.

SolarEdge Technologies Company 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.