SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Still a Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped up before the market opened on Monday . The stock had previously closed at $15.28, but opened at $17.52. SolarEdge Technologies shares last traded at $18.36, with a volume of 2,418,227 shares.

Analyst Ratings Changes

SEDG has been the topic of a number of analyst reports. Barclays cut their price objective on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a report on Friday, November 15th. Truist Financial cut their price objective on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a report on Friday, November 8th. Mizuho downgraded shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $35.00 to $11.00 in a report on Thursday, November 7th. Citigroup cut their price objective on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Finally, StockNews.com upgraded SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. Seven research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $22.40.

SolarEdge Technologies Stock Up 17.3 %

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 cap of $1.04 billion, a PE ratio of -0.62 and a beta of 1.56. The stock has a fifty day simple moving average of $14.14 and a two-hundred day simple moving average of $20.19.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) 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 business had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. During the same period in the previous year, the firm posted ($1.03) EPS. The firm’s revenue for the quarter was down 64.0% compared to the same quarter last year. As a group, sell-side analysts expect that SolarEdge Technologies, Inc. will post -19.18 EPS for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was bought at an average price of $13.65 per share, with a total value 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 $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.67% of the stock is owned by insiders.

Institutional Trading of SolarEdge Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP bought a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $36,627,000. Marshall Wace LLP raised its holdings in shares of SolarEdge Technologies by 425.1% during the second 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 in the last quarter. Soros Fund Management LLC bought a new position in SolarEdge Technologies in the third quarter worth $5,293,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings 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 worth $5,786,000 after purchasing an additional 220,304 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in SolarEdge Technologies by 1,634.6% in the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after purchasing an additional 202,010 shares in the last quarter. 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.