SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 7.9% – Still a Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares shot up 7.9% during trading on Wednesday . The company traded as high as $11.45 and last traded at $11.30. Approximately 1,470,502 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 3,575,507 shares. The stock had previously closed at $10.47.

Analyst Upgrades and Downgrades

SEDG has been the subject of a number of analyst reports. Glj Research lowered SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, October 8th. Roth Mkm reduced their price target on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Canaccord Genuity Group lowered their price target on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Susquehanna cut their price objective on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, August 9th. Nine analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $22.79.

SolarEdge Technologies Trading Down 1.4 %

The firm has a market capitalization of $621.22 million, a P/E ratio of -0.37 and a beta of 1.59. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The stock has a 50 day simple moving average of $17.58 and a 200-day simple moving average of $27.96.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. During the same quarter last year, the firm posted ($1.03) earnings per share. The business’s quarterly revenue was down 64.0% compared to the same quarter last year. On average, equities research analysts forecast that SolarEdge Technologies, Inc. will post -19.05 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were bought at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the purchase, the chairman now owns 244,478 shares in the company, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.67% of the stock is owned by insiders.

Institutional Trading of SolarEdge Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System purchased a new stake in shares of SolarEdge Technologies during the first quarter worth about $236,000. Vanguard Group Inc. raised its position in shares of SolarEdge Technologies by 2.8% during the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after buying an additional 62,942 shares during the last quarter. EntryPoint Capital LLC bought a new stake in shares of SolarEdge Technologies during the first quarter valued at approximately $64,000. California State Teachers Retirement System lifted its holdings in shares of SolarEdge Technologies by 1.6% in the first quarter. California State Teachers Retirement System now owns 51,728 shares of the semiconductor company’s stock worth $3,672,000 after buying an additional 827 shares in the last quarter. Finally, Tidal Investments LLC boosted its position in shares of SolarEdge Technologies by 251.0% during the first quarter. Tidal Investments LLC now owns 57,496 shares of the semiconductor company’s stock worth $4,081,000 after acquiring an additional 41,116 shares during the last quarter. 95.10% of the stock is 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.