Bank of New York Mellon Corp lifted its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 601.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,526,947 shares of the semiconductor company’s stock after purchasing an additional 1,309,184 shares during the quarter. Bank of New York Mellon Corp owned about 3.67% of SolarEdge Technologies worth $30,539,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Sei Investments Co. increased its holdings in shares of SolarEdge Technologies by 380.4% in the second quarter. Sei Investments Co. now owns 6,005 shares of the semiconductor company’s stock valued at $120,000 after purchasing an additional 4,755 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of SolarEdge Technologies in the first quarter valued at approximately $173,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of SolarEdge Technologies in the first quarter valued at approximately $178,000. KCG Holdings Inc. acquired a new stake in shares of SolarEdge Technologies in the first quarter valued at approximately $222,000. Finally, Aviance Capital Management LLC acquired a new stake in shares of SolarEdge Technologies in the first quarter valued at approximately $227,000. 57.80% of the stock is owned by hedge funds and other institutional investors.
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In other news, Director Doron Inbar sold 50,000 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $28.00, for a total transaction of $1,400,000.00. Following the completion of the sale, the director now directly owns 223,333 shares in the company, valued at approximately $6,253,324. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Yoav Galin sold 10,000 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $27.34, for a total value of $273,400.00. Following the sale, the vice president now owns 75,000 shares of the company’s stock, valued at $2,050,500. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 143,000 shares of company stock valued at $3,753,054. Insiders own 16.40% of the company’s stock.
SolarEdge Technologies, Inc. (NASDAQ SEDG) opened at 25.70 on Monday. The stock has a market capitalization of $1.08 billion and a price-to-earnings ratio of 22.78. SolarEdge Technologies, Inc. has a 52-week low of $11.35 and a 52-week high of $28.80. The stock’s 50 day moving average price is $25.88 and its 200 day moving average price is $19.41.
SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.18. The business had revenue of $136.10 million during the quarter, compared to the consensus estimate of $125.07 million. SolarEdge Technologies had a return on equity of 21.01% and a net margin of 12.64%. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.44 EPS. On average, analysts forecast that SolarEdge Technologies, Inc. will post $1.84 EPS for the current year.
Several research firms recently commented on SEDG. BidaskClub raised SolarEdge Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 8th. Barclays PLC reissued an “overweight” rating and set a $28.00 target price (up previously from $21.00) on shares of SolarEdge Technologies in a research note on Wednesday, August 9th. Canaccord Genuity reissued a “buy” rating and set a $30.00 target price (up previously from $25.00) on shares of SolarEdge Technologies in a research note on Wednesday, August 9th. Needham & Company LLC reissued a “buy” rating and set a $30.00 target price (up previously from $25.00) on shares of SolarEdge Technologies in a research note on Thursday, August 3rd. Finally, Axiom Securities reissued a “sell” rating on shares of SolarEdge Technologies in a research note on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $23.11.
About SolarEdge Technologies
SolarEdge Technologies, Inc offers an inverter solution for a solar photovoltaic (PV) system. The Company’s products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management.
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