Swedbank Robur Fonder AB recently announced the acquisition of new stake in Solaredge Technologies Inc (NASDAQ:SEDG). The institutional investor has increased its shareholding in the Technology company by 3.75% to 4.15 million shares with purchase of 0.15 million shares. This fresh investment now brings its stake to 7.30% valued currently at $329.17 million. In addition, The Vanguard Group, Inc. raised its holdings by 90246.0 to 2.31 million shares. And Invesco Capital Management LLC has lifted its position by 59.15% or 0.84 million shares – to 2.25 million shares.
Currently, there are 56.81M common shares owned by the public and among those 56.34M shares have been available to trade.
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Insiders at the company have transacted a total of 45 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 49,870 shares. Insider sales of the common stock occurred on 19 occasions, with total insider shares sold totaling 15,470 shares.
The top 3 mutual fund holders in Solaredge Technologies Inc are Swedbank Robur Technology, Swedbank Robur Globalfond, and iShares II Plc – Global Clean Ene. Swedbank Robur Technology owns 1.6 million shares of the company’s stock, all valued at over $127.01 million. The company bought an additional 100000.0 shares recently to bring their total holdings to about 2.82% of the shares outstanding. iShares II Plc – Global Clean Ene bought 652.0 shares to bring its total holdings to over 1.46 million shares at a value of $115.91 million. iShares II Plc – Global Clean Ene now owns shares totaling to 2.57% of the shares outstanding.
However, the script later moved the day high at 103.15, up 9.37%. The company’s stock has a 5-day price change of 34.21% and -26.55% over the past three months. SEDG shares are trading -63.91% year to date (YTD), with the 12-month market performance down to -68.10% lower. It has a 12-month low price of $63.25 and touched a high of $345.80 over the same period. SEDG has an average intraday trading volume of 3.42 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 24.60%, 17.56%, and -49.89% respectively.
Institutional ownership of Solaredge Technologies Inc (NASDAQ: SEDG) shares accounts for 91.41% of the company’s 56.81M shares outstanding. Mutual fund holders own 39.74%, while other institutional holders and individual stakeholders account for 59.95% and 28.56% respectively.
It has a market capitalization of $5.81B and a beta (3y monthly) value of 1.56. The stock’s trailing 12-month PE ratio is 28.01, while the earnings-per-share (ttm) stands at $3.65. The company has a PEG of 2.16 and a Quick Ratio of 2.49 with the debt-to-equity ratio at 0.29. Price movements for the stock have been influenced by the stock’s volatility, which stands at 10.65% over the week and 6.45% over the month.
Analysts forecast that Solaredge Technologies Inc (SEDG) will achieve an EPS of -$1.22 for the current quarter, -$0.79 for the next quarter and $0.23 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.78 while analysts give the company a high EPS estimate of -$0.48. Comparatively, EPS for the current quarter was $2.86 a year ago. Earnings per share for the fiscal year are expected to decrease by -28.08%, and -74.67% over the next financial year. EPS should grow at an annualized rate of 12.94% over the next five years, compared to -2.72% over the past 5-year period.
Looking at the support for the SEDG, a number of firms have released research notes about the stock. Piper Sandler stated their Neutral rating for the stock in a research note on Dec-20-23, with the firm’s price target at $110-$105.
