SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Here’s What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up prior to trading on Monday . The stock had previously closed at $11.88, but opened at $12.57. SolarEdge Technologies shares last traded at $13.18, with a volume of 418,497 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SEDG shares. TD Cowen cut their price objective on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, November 7th. BMO Capital Markets reduced their price objective on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research note on Thursday, November 7th. Glj Research lowered SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. Finally, StockNews.com raised SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. Nine investment 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. According to MarketBeat.com, SolarEdge Technologies currently has a consensus rating of “Hold” and an average target price of $22.79.

SolarEdge Technologies Stock Performance

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 firm has a market capitalization of $806.66 million, a price-to-earnings ratio of -0.45 and a beta of 1.59. The stock has a fifty day moving average price of $17.42 and a 200-day moving average price of $27.20.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data 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 return on equity of 65.79% and a negative net margin of 158.19%. The company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. During the same quarter in the prior year, the company earned ($1.03) earnings per share. The business’s revenue was down 64.0% compared to the same quarter last year. As a group, analysts anticipate that SolarEdge Technologies, Inc. will post -19.05 earnings per share for the current fiscal year.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction dated 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 completion of the acquisition, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AMG National Trust Bank bought a new position in SolarEdge Technologies in the 3rd quarter valued at $4,055,000. Mizuho Markets Americas LLC lifted its holdings in SolarEdge Technologies by 653.4% in the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock valued at $4,315,000 after buying an additional 163,340 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in SolarEdge Technologies by 683.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after acquiring an additional 220,304 shares during the last quarter. Meitav Investment House Ltd. grew its holdings in SolarEdge Technologies by 9.6% during the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after acquiring an additional 51,065 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of SolarEdge Technologies during the 3rd quarter valued at $1,495,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Company Profile

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.