Spark Investment Management LLC Sells 28,700 Shares of Solaredge Technologies Inc (SEDG)

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Spark Investment Management LLC lessened its position in shares of Solaredge Technologies Inc (NASDAQ:SEDG) by 12.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 201,900 shares of the semiconductor company’s stock after selling 28,700 shares during the period. Spark Investment Management LLC’s holdings in Solaredge Technologies were worth $9,660,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Municipal Employees Retirement System of Michigan raised its stake in shares of Solaredge Technologies by 8.5% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 14,430 shares of the semiconductor company’s stock valued at $759,000 after purchasing an additional 1,130 shares during the period. Xact Kapitalforvaltning AB increased its position in shares of Solaredge Technologies by 31.1% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 5,058 shares of the semiconductor company’s stock valued at $242,000 after purchasing an additional 1,200 shares during the last quarter. GSA Capital Partners LLP increased its position in shares of Solaredge Technologies by 3.0% during the 1st quarter. GSA Capital Partners LLP now owns 50,061 shares of the semiconductor company’s stock valued at $2,633,000 after purchasing an additional 1,461 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Solaredge Technologies by 16.1% during the 1st quarter. Russell Investments Group Ltd. now owns 11,709 shares of the semiconductor company’s stock valued at $616,000 after purchasing an additional 1,628 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Solaredge Technologies by 114.4% during the 1st quarter. Sei Investments Co. now owns 3,107 shares of the semiconductor company’s stock valued at $163,000 after purchasing an additional 1,658 shares during the last quarter. 71.25% of the stock is currently owned by hedge funds and other institutional investors.

SEDG has been the topic of several recent research reports. Roth Capital set a $70.00 price objective on Solaredge Technologies and gave the company a “buy” rating in a research report on Saturday, May 26th. BidaskClub lowered Solaredge Technologies from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 25th. Canaccord Genuity set a $55.00 price objective on Solaredge Technologies and gave the company a “buy” rating in a research report on Sunday, May 6th. Cowen reiterated a “buy” rating and set a $57.00 price objective on shares of Solaredge Technologies in a research report on Friday, August 3rd. Finally, ValuEngine lowered Solaredge Technologies from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $58.36.

In other news, VP Meir Adest sold 24,000 shares of the stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $49.80, for a total value of $1,195,200.00. Following the completion of the transaction, the vice president now owns 364,456 shares of the company’s stock, valued at approximately $18,149,908.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 81,938 shares of company stock valued at $4,395,977 in the last three months. Corporate insiders own 9.70% of the company’s stock.

Shares of SEDG stock opened at $45.65 on Monday. Solaredge Technologies Inc has a 1-year low of $24.70 and a 1-year high of $70.74. The stock has a market cap of $2.10 billion, a P/E ratio of 20.29, a P/E/G ratio of 0.75 and a beta of -0.43.

Solaredge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Thursday, August 2nd. The semiconductor company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.09. Solaredge Technologies had a return on equity of 32.26% and a net margin of 14.85%. The business had revenue of $227.10 million during the quarter, compared to analysts’ expectations of $225.31 million. During the same quarter last year, the business posted $0.55 EPS. The business’s revenue was up 66.9% on a year-over-year basis. equities analysts predict that Solaredge Technologies Inc will post 2.82 earnings per share for the current fiscal year.

Solaredge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in Israel, the United States, the Netherlands, Europe, and internationally. The company's DC optimized inverter systems include power optimizers and inverters, as well as a cloud-based monitoring platform.

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Institutional Ownership by Quarter for Solaredge Technologies (NASDAQ:SEDG)

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