SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down – What’s Next?

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $18.87, but opened at $15.97. SolarEdge Technologies shares last traded at $15.52, with a volume of 1,525,648 shares changing hands.

Analysts Set New Price Targets

Several analysts have issued reports on SEDG shares. Truist Financial restated a “hold” rating and issued a $20.00 price target on shares of SolarEdge Technologies in a research report on Tuesday, August 27th. Scotiabank lowered their price target on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Roth Mkm cut their price target on SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, October 21st. Royal Bank of Canada decreased their price objective on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 15th. Finally, Piper Sandler cut their target price on SolarEdge Technologies from $25.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. Seven analysts have rated the stock with a sell rating, twenty have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $29.88.

SolarEdge Technologies Price Performance

The stock has a fifty day moving average of $19.76 and a two-hundred day moving average of $31.41. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $840.88 million, a price-to-earnings ratio of -1.68 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The business had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same period in the prior year, the firm earned $2.06 earnings per share. The business’s quarterly revenue was down 73.2% compared to the same quarter last year. As a group, equities research analysts forecast that SolarEdge Technologies, Inc. will post -8.85 earnings per share for the current year.

Institutional Trading of SolarEdge Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of SEDG. International Assets Investment Management LLC acquired a new position in SolarEdge Technologies during the 2nd quarter valued at about $28,000. EntryPoint Capital LLC acquired a new position in SolarEdge Technologies in the first quarter valued at about $64,000. KBC Group NV boosted its holdings in SolarEdge Technologies by 95.8% during the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after buying an additional 1,378 shares during the last quarter. First Pacific Financial increased its holdings in shares of SolarEdge Technologies by 53.0% in the second quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 1,805 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of SolarEdge Technologies by 243.6% in the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after purchasing an additional 4,834 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

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.