SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up to $21.61

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up before the market opened on Friday . The stock had previously closed at $21.61, but opened at $22.34. SolarEdge Technologies shares last traded at $22.89, with a volume of 478,577 shares trading hands.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wells Fargo & Company lowered their target price on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 2nd. Morgan Stanley dropped their price objective on SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 26th. Royal Bank of Canada reduced their target price on shares of SolarEdge Technologies from $37.00 to $35.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Roth Mkm lowered their price target on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, TD Cowen reduced their price objective on shares of SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Five research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and an average price target of $49.35.

SolarEdge Technologies Stock Performance

The firm’s fifty day simple moving average is $23.57 and its 200 day simple moving average is $41.12. The company has a market capitalization of $1.32 billion, a PE ratio of -4.96 and a beta of 1.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The company had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The firm’s quarterly revenue was down 73.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.06 EPS. On average, research analysts predict that SolarEdge Technologies, Inc. will post -8.67 EPS for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new position in shares of SolarEdge Technologies in the 2nd quarter valued at $28,000. GAMMA Investing LLC raised its position in shares of SolarEdge Technologies by 90.0% in the first quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 289 shares during the period. Versant Capital Management Inc raised its position in shares of SolarEdge Technologies by 1,066.7% in the first quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 640 shares during the period. EntryPoint Capital LLC acquired a new stake in shares of SolarEdge Technologies during the 1st quarter valued at about $64,000. Finally, Hexagon Capital Partners LLC increased its stake in shares of SolarEdge Technologies by 120.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock valued at $79,000 after purchasing an additional 610 shares in the last quarter. 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.