Bank of Nova Scotia Decreases Stock Holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Posted by Defense World Staff on May 23rd, 2023

Bank of Nova Scotia cut its stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG – Get Rating) by 7.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,053 shares of the semiconductor company’s stock after selling 413 shares during the quarter. Bank of Nova Scotia’s holdings in SolarEdge Technologies were worth $1,431,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in SEDG. IFP Advisors Inc grew its position in SolarEdge Technologies by 35.1% in the 3rd quarter. IFP Advisors Inc now owns 181 shares of the semiconductor company’s stock valued at $36,000 after acquiring an additional 47 shares during the last quarter. Addison Advisors LLC raised its stake in shares of SolarEdge Technologies by 47.5% in the fourth quarter. Addison Advisors LLC now owns 149 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 48 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in shares of SolarEdge Technologies in the fourth quarter worth about $44,000. Optimum Investment Advisors raised its stake in shares of SolarEdge Technologies by 100.0% in the fourth quarter. Optimum Investment Advisors now owns 200 shares of the semiconductor company’s stock worth $57,000 after purchasing an additional 100 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of SolarEdge Technologies by 138.0% in the third quarter. Bessemer Group Inc. now owns 257 shares of the semiconductor company’s stock worth $60,000 after purchasing an additional 149 shares during the last quarter. 80.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at SolarEdge Technologies

In other news, insider Meir Adest sold 2,500 shares of SolarEdge Technologies stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $300.86, for a total transaction of $752,150.00. Following the transaction, the insider now directly owns 131,677 shares of the company’s stock, valued at $39,616,342.22. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.17% of the company’s stock.

SolarEdge Technologies Price Performance

Shares of NASDAQ:SEDG opened at $298.87 on Tuesday. The company has a quick ratio of 2.63, a current ratio of 3.60 and a debt-to-equity ratio of 0.28. The company has a market cap of $16.84 billion, a P/E ratio of 87.90, a price-to-earnings-growth ratio of 1.04 and a beta of 1.42. SolarEdge Technologies, Inc. has a 12-month low of $190.15 and a 12-month high of $375.90. The company’s fifty day moving average is $293.40 and its two-hundred day moving average is $299.90.

SolarEdge Technologies (NASDAQ:SEDG – Get Rating) last released its quarterly earnings results on Wednesday, May 3rd. The semiconductor company reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.85. SolarEdge Technologies had a net margin of 5.86% and a return on equity of 14.49%. The company had revenue of $943.89 million during the quarter, compared to analysts’ expectations of $929.37 million. Equities analysts expect that SolarEdge Technologies, Inc. will post 8.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. BMO Capital Markets raised their target price on SolarEdge Technologies from $370.00 to $395.00 in a report on Thursday, May 4th. Janney Montgomery Scott started coverage on SolarEdge Technologies in a report on Wednesday, April 5th. They issued a “buy” rating and a $351.00 price objective on the stock. Wells Fargo & Company raised their price objective on SolarEdge Technologies from $367.00 to $374.00 and gave the company an “overweight” rating in a report on Wednesday, February 15th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $370.00 price target (down from $374.00) on shares of SolarEdge Technologies in a research note on Monday, April 3rd. Finally, StockNews.com started coverage on SolarEdge Technologies in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, SolarEdge Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $374.37.

SolarEdge Technologies Profile

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SolarEdge Technologies, Inc engages in the development of energy technology, which provides inverter solutions. The firm operates through the following segments: Solar and All Other. The Solar segment includes the design, development, manufacturing, and sales of an inverter solution designed to maximize power generation.