Rockefeller Capital Management L.P. Sells 22,381 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Rockefeller Capital Management L.P. reduced its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 20.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 84,948 shares of the semiconductor company’s stock after selling 22,381 shares during the period. Rockefeller Capital Management L.P.’s holdings in SolarEdge Technologies were worth $1,950,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SEDG. Quarry LP acquired a new stake in SolarEdge Technologies during the 2nd quarter worth $36,627,000. Marshall Wace LLP raised its stake in SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after buying an additional 450,081 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in SolarEdge Technologies by 683.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after buying an additional 220,304 shares during the period. Handelsbanken Fonder AB raised its stake in SolarEdge Technologies by 1,634.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after buying an additional 202,010 shares during the period. Finally, E. Ohman J or Asset Management AB raised its stake in SolarEdge Technologies by 109.3% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company’s stock worth $8,559,000 after buying an additional 195,085 shares during the period. 95.10% of the stock is currently owned by institutional investors.

Insider Transactions at SolarEdge Technologies

In other news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was bought at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the acquisition, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on SEDG shares. Mizuho downgraded SolarEdge Technologies from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $35.00 to $11.00 in a research note on Thursday, November 7th. Barclays dropped their price target on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a research note on Friday, November 15th. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $17.00 to $9.00 in a research note on Thursday, November 7th. Citigroup dropped their price target on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. Nine analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $22.04.

SolarEdge Technologies Trading Up 1.5 %

SolarEdge Technologies stock opened at $12.78 on Friday. SolarEdge Technologies, Inc. has a 52 week low of $10.24 and a 52 week high of $103.15. 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 stock has a market capitalization of $740.60 million, a P/E ratio of -0.44 and a beta of 1.56. The stock has a 50-day simple moving average of $15.99 and a 200 day simple moving average of $24.99.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. During the same quarter in the previous year, the business posted ($1.03) EPS. The company’s revenue for the quarter was down 64.0% on a year-over-year basis. Analysts expect that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current year.

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.