Invenomic Capital Management LP Lowers Stock Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Invenomic Capital Management LP cut its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 10.5% during the first quarter, Holdings Channel reports. The institutional investor owned 407,723 shares of the semiconductor company’s stock after selling 47,877 shares during the quarter. SolarEdge Technologies makes up approximately 1.5% of Invenomic Capital Management LP’s investment portfolio, making the stock its 18th biggest position. Invenomic Capital Management LP’s holdings in SolarEdge Technologies were worth $28,940,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Quadrature Capital Ltd boosted its position in shares of SolarEdge Technologies by 1,206.8% in the 1st quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock worth $17,080,000 after purchasing an additional 222,218 shares in the last quarter. EntryPoint Capital LLC bought a new stake in SolarEdge Technologies in the 1st quarter worth about $64,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in SolarEdge Technologies by 16.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 146,005 shares of the semiconductor company’s stock valued at $10,363,000 after acquiring an additional 20,545 shares during the period. UniSuper Management Pty Ltd boosted its holdings in shares of SolarEdge Technologies by 2.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 549,163 shares of the semiconductor company’s stock valued at $38,980,000 after acquiring an additional 10,866 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of SolarEdge Technologies by 2.8% in the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after acquiring an additional 62,942 shares during the period. 95.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SEDG has been the topic of a number of research analyst reports. Canaccord Genuity Group lowered their price objective on shares of SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating on the stock in a research report on Tuesday, June 25th. Deutsche Bank Aktiengesellschaft dropped their price target on SolarEdge Technologies from $75.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, May 10th. TD Cowen reduced their price objective on SolarEdge Technologies from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Morgan Stanley dropped their target price on SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 26th. Finally, Northland Securities downgraded SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 9th. Four analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $69.58.

SolarEdge Technologies Price Performance

SEDG traded up $0.20 during trading on Tuesday, hitting $27.01. 1,548,294 shares of the company traded hands, compared to its average volume of 3,141,184. The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30. The company has a market cap of $1.55 billion, a PE ratio of -5.81 and a beta of 1.52. The stock’s 50-day simple moving average is $35.20 and its two-hundred day simple moving average is $55.32. SolarEdge Technologies, Inc. has a 1 year low of $23.51 and a 1 year high of $244.42.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, May 8th. The semiconductor company reported ($2.42) EPS for the quarter, missing the consensus estimate of ($2.07) by ($0.35). SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. The company had revenue of $204.40 million for the quarter, compared to the consensus estimate of $194.82 million. As a group, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -6.76 earnings per share for the current fiscal 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.