Optimum Investment Advisors acquired a new stake in shares of Solaredge Technologies Inc (NASDAQ:SEDG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 800 shares of the semiconductor company’s stock, valued at approximately $67,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Pathstone Family Office LLC purchased a new stake in shares of Solaredge Technologies during the second quarter worth $31,000. C M Bidwell & Associates Ltd. purchased a new stake in shares of Solaredge Technologies during the second quarter worth $32,000. Westside Investment Management Inc. purchased a new stake in shares of Solaredge Technologies during the second quarter worth $35,000. Winslow Evans & Crocker Inc. lifted its position in shares of Solaredge Technologies by 376.7% during the third quarter. Winslow Evans & Crocker Inc. now owns 410 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 324 shares in the last quarter. Finally, Capital Investment Advisory Services LLC purchased a new stake in shares of Solaredge Technologies during the third quarter worth $38,000. 81.39% of the stock is owned by institutional investors and hedge funds.
Shares of SEDG stock opened at $85.17 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.98 and a current ratio of 2.49. Solaredge Technologies Inc has a 52-week low of $32.42 and a 52-week high of $91.45. The company has a market capitalization of $4.01 billion, a PE ratio of 31.66, a price-to-earnings-growth ratio of 1.27 and a beta of 0.06. The business’s fifty day moving average is $83.26 and its 200 day moving average is $64.65.
Solaredge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.01. Solaredge Technologies had a return on equity of 17.81% and a net margin of 10.09%. The company had revenue of $325.00 million for the quarter, compared to the consensus estimate of $315.53 million. During the same quarter last year, the business posted $0.82 earnings per share. The firm’s revenue was up 43.1% compared to the same quarter last year. On average, sell-side analysts forecast that Solaredge Technologies Inc will post 2.99 EPS for the current fiscal year.
In related news, CEO Zvi Lando sold 28,604 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $81.93, for a total value of $2,343,525.72. Following the sale, the chief executive officer now owns 84,375 shares in the company, valued at $6,912,843.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director More Avery sold 2,000 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $82.06, for a total value of $164,120.00. Following the completion of the sale, the director now owns 587,573 shares in the company, valued at approximately $48,216,240.38. The disclosure for this sale can be found here. Insiders sold 270,203 shares of company stock worth $22,538,997 in the last quarter. 7.90% of the stock is currently owned by company insiders.
Several research firms have issued reports on SEDG. ValuEngine downgraded Solaredge Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research downgraded Solaredge Technologies from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 9th. Oppenheimer increased their target price on Solaredge Technologies from $66.00 to $78.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. UBS Group downgraded Solaredge Technologies from a “buy” rating to a “neutral” rating and increased their target price for the stock from $73.00 to $90.00 in a research report on Thursday, August 22nd. Finally, Roth Capital increased their target price on Solaredge Technologies from $70.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $78.07.
About Solaredge Technologies
SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.
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