Pinebridge Investments L.P. Decreases Stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Pinebridge Investments L.P. trimmed its position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 65.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 109,208 shares of the semiconductor company’s stock after selling 202,832 shares during the period. Pinebridge Investments L.P.’s holdings in SolarEdge Technologies were worth $1,485,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Millstone Evans Group LLC purchased a new stake in shares of SolarEdge Technologies in the 4th quarter valued at approximately $27,000. Jones Financial Companies Lllp increased its holdings in SolarEdge Technologies by 401.2% in the fourth quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 1,954 shares during the last quarter. Y.D. More Investments Ltd raised its stake in SolarEdge Technologies by 251.8% in the fourth quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company’s stock valued at $53,000 after buying an additional 2,770 shares in the last quarter. R Squared Ltd purchased a new stake in SolarEdge Technologies during the 4th quarter worth about $61,000. Finally, GAMMA Investing LLC boosted its position in shares of SolarEdge Technologies by 655.2% during the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after acquiring an additional 4,567 shares in the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SEDG shares. Citigroup reissued a “sell” rating and set a $9.00 target price (down previously from $12.00) on shares of SolarEdge Technologies in a research report on Wednesday, January 8th. Piper Sandler boosted their price objective on shares of SolarEdge Technologies from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Jefferies Financial Group dropped their target price on shares of SolarEdge Technologies from $12.00 to $9.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 15th. UBS Group lifted their price target on shares of SolarEdge Technologies from $18.00 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Finally, Royal Bank of Canada upped their price objective on shares of SolarEdge Technologies from $14.00 to $15.00 and gave the company a “sector perform” rating in a research note on Thursday, February 20th. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $16.82.

SolarEdge Technologies Stock Performance

NASDAQ SEDG opened at $12.56 on Monday. The stock has a market capitalization of $741.58 million, a price-to-earnings ratio of -0.40 and a beta of 1.63. The business’s 50 day moving average is $15.34 and its two-hundred day moving average is $14.87. SolarEdge Technologies, Inc. has a 12-month low of $10.24 and a 12-month high of $64.04. The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56.

Insider Buying and Selling

In related news, Chairman More Avery acquired 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average price of $13.70 per share, with a total value of $411,000.00. Following the completion of the acquisition, the chairman now owns 274,478 shares in the company, valued at approximately $3,760,348.60. This represents a 12.27 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.67% of the stock is currently owned by corporate insiders.

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.