SolarEdge Technologies (NASDAQ:SEDG) Trading 8.2% Higher – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares were up 8.2% during trading on Monday . The stock traded as high as $17.33 and last traded at $17.45. Approximately 869,780 shares were traded during trading, a decline of 79% from the average daily volume of 4,049,845 shares. The stock had previously closed at $16.12.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Jefferies Financial Group upped their price objective on SolarEdge Technologies from $9.00 to $12.00 and gave the stock an “underperform” rating in a research report on Friday, February 21st. Piper Sandler raised their target price on shares of SolarEdge Technologies from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th. Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. lowered their target price on SolarEdge Technologies from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Finally, Glj Research raised shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. Ten research analysts have rated the stock with a sell rating, sixteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $21.65.

SolarEdge Technologies Stock Performance

The company has a 50-day moving average of $15.29 and a 200-day moving average of $16.27. The company has a market cap of $1.03 billion, a PE ratio of -0.57 and a beta of 1.78. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56.

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery purchased 30,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average price of $13.70 per share, with a total value of $411,000.00. Following the completion of the acquisition, the chairman now owns 274,478 shares in the company, valued at $3,760,348.60. This trade represents a 12.27 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently modified their holdings of SEDG. Point72 Asset Management L.P. bought a new stake in SolarEdge Technologies in the 4th quarter worth $17,909,000. Ion Asset Management Ltd. bought a new stake in shares of SolarEdge Technologies during the fourth quarter valued at approximately $12,005,000. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in SolarEdge Technologies by 14.9% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock worth $67,370,000 after acquiring an additional 641,915 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of SolarEdge Technologies by 182.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock worth $11,888,000 after purchasing an additional 564,490 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of SolarEdge Technologies by 67.6% in the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company’s stock worth $17,262,000 after purchasing an additional 512,035 shares during the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.