SolarEdge Technologies (NASDAQ:SEDG) Sees Unusually-High Trading Volume

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares saw unusually-strong trading volume on Wednesday . Approximately 3,641,545 shares changed hands during mid-day trading, an increase of 37% from the previous session’s volume of 2,648,790 shares.The stock last traded at $26.04 and had previously closed at $26.40.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Barclays increased their price objective on SolarEdge Technologies from $50.00 to $61.00 and gave the company an “underweight” rating in a research note on Tuesday, April 16th. Piper Sandler reduced their price objective on shares of SolarEdge Technologies from $53.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday. DZ Bank initiated coverage on shares of SolarEdge Technologies in a research note on Wednesday, April 17th. They set a “hold” rating and a $62.00 target price for the company. The Goldman Sachs Group reduced their price objective on shares of SolarEdge Technologies from $64.00 to $49.00 and set a “sell” rating for the company in a research report on Thursday, May 9th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $71.00 target price on shares of SolarEdge Technologies in a research report on Friday, June 7th. Four investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SolarEdge Technologies has a consensus rating of “Hold” and an average price target of $77.27.

SolarEdge Technologies Stock Performance

The firm’s 50-day moving average is $49.55 and its 200 day moving average is $66.24. The company has a quick ratio of 2.19, a current ratio of 4.54 and a debt-to-equity ratio of 0.30.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.07) by ($0.35). SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. The business had revenue of $204.40 million during the quarter, compared to analysts’ expectations of $194.82 million. Analysts forecast that SolarEdge Technologies, Inc. will post -6.3 EPS for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Northern Trust Corp grew its position in shares of SolarEdge Technologies by 7.7% in the third quarter. Northern Trust Corp now owns 421,918 shares of the semiconductor company’s stock valued at $54,643,000 after purchasing an additional 30,153 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of SolarEdge Technologies by 194.7% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 183 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of SolarEdge Technologies by 318.0% in the third quarter. Tower Research Capital LLC TRC now owns 8,168 shares of the semiconductor company’s stock worth $1,058,000 after acquiring an additional 6,214 shares during the last quarter. California State Teachers Retirement System raised its stake in SolarEdge Technologies by 4.6% during the third quarter. California State Teachers Retirement System now owns 75,609 shares of the semiconductor company’s stock worth $9,792,000 after purchasing an additional 3,311 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of SolarEdge Technologies in the 3rd quarter valued at $3,702,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

About SolarEdge Technologies

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.