Bayforest Capital Ltd Purchases 44,831 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Bayforest Capital Ltd raised its holdings in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 367.3% in the 1st quarter, Holdings Channel reports. The institutional investor owned 57,036 shares of the semiconductor company’s stock after purchasing an additional 44,831 shares during the quarter. Bayforest Capital Ltd’s holdings in SolarEdge Technologies were worth $923,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of SEDG. Fifth Third Bancorp boosted its stake in shares of SolarEdge Technologies by 93.7% during the first quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 790 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in SolarEdge Technologies during the 1st quarter valued at $35,000. Resona Asset Management Co. Ltd. purchased a new position in shares of SolarEdge Technologies in the 4th quarter valued at $133,000. Mercer Global Advisors Inc. ADV bought a new position in shares of SolarEdge Technologies in the 4th quarter worth $145,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of SolarEdge Technologies during the 4th quarter worth $146,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $24.95 on Wednesday. SolarEdge Technologies, Inc. has a 52-week low of $10.24 and a 52-week high of $32.45. The company has a quick ratio of 1.39, a current ratio of 2.04 and a debt-to-equity ratio of 0.62. The stock has a market cap of $1.47 billion, a PE ratio of -0.83 and a beta of 1.62. The business has a 50-day simple moving average of $21.84 and a 200-day simple moving average of $17.52.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.26) by $0.12. SolarEdge Technologies had a negative return on equity of 127.53% and a negative net margin of 182.81%. The company had revenue of $219.48 million during the quarter, compared to analysts’ expectations of $205.39 million. During the same period last year, the business earned ($1.90) earnings per share. SolarEdge Technologies’s quarterly revenue was up 7.4% on a year-over-year basis. On average, equities analysts expect that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

Analyst Upgrades and Downgrades

SEDG has been the subject of several analyst reports. Glj Research lowered shares of SolarEdge Technologies from a “hold” rating to a “strong sell” rating and set a $6.90 price target for the company. in a research report on Tuesday, June 17th. Wells Fargo & Company lowered their price objective on SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $23.00 target price (up from $18.00) on shares of SolarEdge Technologies in a research report on Tuesday, July 15th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $27.00 price target on shares of SolarEdge Technologies in a research note on Wednesday, July 9th. Finally, Barclays upgraded SolarEdge Technologies from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $12.00 to $29.00 in a research note on Monday, July 14th. Eleven investment analysts have rated the stock with a sell rating and eighteen have given a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.92.

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.