SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up prior to trading on Monday . The stock had previously closed at $11.88, but opened at $12.57. SolarEdge Technologies shares last traded at $13.18, with a volume of 418,497 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SEDG shares. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $17.00 to $9.00 in a research report on Thursday, November 7th. Susquehanna lowered their target price on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Scotiabank reduced their price target on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Finally, Canaccord Genuity Group decreased their price target on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Nine equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, SolarEdge Technologies presently has a consensus rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Trading Down 0.6 %

The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The stock has a 50 day moving average of $17.26 and a 200 day moving average of $26.93.

SolarEdge Technologies (NASDAQ:SEDG) last released its 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). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same quarter in the previous year, the firm earned ($1.03) EPS. The business’s quarterly revenue was down 64.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -19.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares in the company, valued at $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 SEC, which is available at this link. 0.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Swedbank AB bought a new position in SolarEdge Technologies during the 1st quarter valued at approximately $261,312,000. Vanguard Group Inc. boosted its holdings in SolarEdge Technologies by 2.8% in the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after acquiring an additional 62,942 shares in the last quarter. Quarry LP purchased a new position in SolarEdge Technologies during the 2nd quarter valued at $36,627,000. Two Sigma Advisers LP increased its position in SolarEdge Technologies by 0.3% during the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after purchasing an additional 3,400 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. raised its holdings in SolarEdge Technologies by 0.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock worth $25,531,000 after purchasing an additional 2,795 shares in the last quarter. 95.10% of the stock is owned by institutional investors.

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.