SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up to $21.69

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up before the market opened on Thursday . The stock had previously closed at $21.69, but opened at $22.96. SolarEdge Technologies shares last traded at $22.07, with a volume of 402,033 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SEDG. The Goldman Sachs Group lowered their target price 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. Morgan Stanley decreased their price target on SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 26th. Royal Bank of Canada decreased their price target on SolarEdge Technologies from $37.00 to $35.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. William Blair assumed coverage on SolarEdge Technologies in a research note on Thursday, August 29th. They issued a “market perform” rating on the stock. Finally, Wells Fargo & Company reduced their target price on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 2nd. Five investment analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, SolarEdge Technologies presently has an average rating of “Hold” and an average price target of $49.35.

SolarEdge Technologies Price Performance

The firm has a market capitalization of $1.30 billion, a PE ratio of -4.66 and a beta of 1.56. The stock has a 50-day moving average price of $24.54 and a 200 day moving average price of $43.02. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results 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 firm had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The business’s revenue was down 73.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.06 earnings per share. Equities analysts forecast that SolarEdge Technologies, Inc. will post -8.67 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Several large investors have recently modified their holdings of SEDG. Swedbank AB acquired a new position in shares of SolarEdge Technologies in the 1st quarter valued at $261,312,000. Quarry LP purchased a new position in SolarEdge Technologies during the 2nd quarter valued at about $36,627,000. Invenomic Capital Management LP purchased a new position in SolarEdge Technologies during the 4th quarter valued at about $42,644,000. Marshall Wace LLP boosted its holdings in SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after acquiring an additional 450,081 shares during the period. Finally, Norges Bank purchased a new position in SolarEdge Technologies during the 4th quarter valued at about $39,547,000. 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.