SolarEdge Technologies (NASDAQ:SEDG) Trading Up 6.3% – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) traded up 6.3% during mid-day trading on Monday . The stock traded as high as $13.61 and last traded at $13.93. 1,322,770 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 4,027,585 shares. The stock had previously closed at $13.10.

Analysts Set New Price Targets

SEDG has been the subject of several analyst reports. StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Citigroup restated a “sell” rating and set a $9.00 price objective (down previously from $12.00) on shares of SolarEdge Technologies in a report on Wednesday, January 8th. Glj Research upgraded SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. The Goldman Sachs Group raised their target price on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, January 7th. Finally, BMO Capital Markets reduced their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a report on Thursday, November 7th. Eight investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $20.84.

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 company has a market cap of $831.00 million, a P/E ratio of -0.49 and a beta of 1.56. The company has a 50 day moving average price of $14.20 and a 200-day moving average price of $18.10.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The company had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company’s revenue for the quarter was down 64.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.03) earnings per share. On average, equities analysts expect that SolarEdge Technologies, Inc. will post -23.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the transaction, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several large investors have recently modified their holdings of SEDG. Two Sigma Advisers LP grew its stake in SolarEdge Technologies by 0.3% during the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after purchasing an additional 3,400 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of SolarEdge Technologies by 0.8% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,011,760 shares of the semiconductor company’s stock worth $13,760,000 after buying an additional 8,079 shares during the period. M&G PLC increased its stake in shares of SolarEdge Technologies by 4.2% in the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock valued at $21,452,000 after acquiring an additional 38,001 shares in the last quarter. Assenagon Asset Management S.A. increased its stake 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 valued at $11,888,000 after acquiring an additional 564,490 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of SolarEdge Technologies by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock valued at $16,227,000 after acquiring an additional 25,474 shares during the period. Institutional investors 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.