North Growth Management Ltd. Has $5.96 Million Position in Solaredge Technologies Inc (SEDG)
North Growth Management Ltd. lessened its position in Solaredge Technologies Inc (NASDAQ:SEDG) by 58.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 158,000 shares of the semiconductor company’s stock after selling 220,000 shares during the period. North Growth Management Ltd.’s holdings in Solaredge Technologies were worth $5,955,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA increased its stake in Solaredge Technologies by 58.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 13,550 shares of the semiconductor company’s stock valued at $511,000 after buying an additional 5,012 shares during the period. Handelsbanken Fonder AB increased its stake in Solaredge Technologies by 98.0% during the 4th quarter. Handelsbanken Fonder AB now owns 373,659 shares of the semiconductor company’s stock valued at $13,115,000 after buying an additional 184,973 shares during the period. Xact Kapitalforvaltning AB acquired a new position in Solaredge Technologies during the 4th quarter valued at about $223,000. Prudential PLC acquired a new position in Solaredge Technologies during the 4th quarter valued at about $1,011,000. Finally, Norges Bank acquired a new position in Solaredge Technologies during the 4th quarter valued at about $13,951,000. 82.19% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on SEDG. ValuEngine raised shares of Solaredge Technologies from a “hold” rating to a “buy” rating in a research note on Friday, May 24th. BidaskClub raised shares of Solaredge Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, May 21st. Zacks Investment Research cut shares of Solaredge Technologies from a “strong-buy” rating to a “hold” rating in a research note on Saturday, May 11th. Roth Capital raised their target price on shares of Solaredge Technologies from $50.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Solaredge Technologies from $53.00 to $63.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $55.33.
Solaredge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.14). The business had revenue of $271.90 million during the quarter, compared to analyst estimates of $266.11 million. Solaredge Technologies had a return on equity of 19.57% and a net margin of 11.23%. The business’s revenue for the quarter was up 29.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.87 EPS. As a group, research analysts forecast that Solaredge Technologies Inc will post 2.6 EPS for the current fiscal year.
In other news, Director More Avery sold 4,130 shares of Solaredge Technologies stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $51.04, for a total value of $210,795.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 9.70% of the company’s stock.
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Solaredge Technologies Profile
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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