SolarEdge Technologies Sees Unusually High Options Volume (NASDAQ:SEDG)

SolarEdge Technologies, Inc. (NASDAQ:SEDG) was the target of some unusual options trading on Friday. Investors bought 33,795 call options on the stock. This is an increase of approximately 64% compared to the average daily volume of 20,601 call options.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Roth Mkm reduced their target price on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Bank of America lowered their target price on shares of SolarEdge Technologies from $31.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group reduced their price objective on SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating for the company in a research report on Friday, August 9th. DZ Bank downgraded SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 target price on the stock. in a report on Wednesday, July 17th. Finally, Canaccord Genuity Group reduced their price target on SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating for the company in a report on Tuesday, June 25th. Four analysts have rated the stock with a sell rating, twenty-six have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $51.62.

SolarEdge Technologies Stock Performance

Shares of NASDAQ:SEDG opened at $19.70 on Friday. The firm has a fifty day simple moving average of $24.89 and a two-hundred day simple moving average of $43.96. SolarEdge Technologies has a 52 week low of $17.12 and a 52 week high of $147.62. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.13 billion, a P/E ratio of -4.24 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data 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). The company had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The company’s revenue for the quarter was down 73.2% on a year-over-year basis. During the same quarter last year, the company earned $2.06 earnings per share. On average, analysts expect that SolarEdge Technologies will post -8.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Swedbank AB purchased a new position in shares of SolarEdge Technologies during the 1st quarter worth about $261,312,000. Quarry LP bought a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $36,627,000. Invenomic Capital Management LP purchased a new stake in shares of SolarEdge Technologies in the fourth quarter worth approximately $42,644,000. Marshall Wace LLP lifted its stake in shares of SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after acquiring an additional 450,081 shares during the last quarter. Finally, Norges Bank purchased a new position in SolarEdge Technologies during the 4th quarter valued at $39,547,000. 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.