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

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up prior to trading on Tuesday . The stock had previously closed at $12.32, but opened at $14.68. SolarEdge Technologies shares last traded at $14.94, with a volume of 3,543,613 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SEDG shares. TD Cowen cut their price objective on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. reduced their price objective on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Jefferies Financial Group downgraded shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and cut their target price for the company from $27.00 to $17.00 in a research note on Tuesday, September 17th. StockNews.com raised SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Finally, The Goldman Sachs Group raised SolarEdge Technologies from a “sell” rating to a “buy” rating and lifted their target price for the company from $10.00 to $19.00 in a research note on Tuesday. Eight analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $22.40.

SolarEdge Technologies Stock Performance

The firm has a market cap of $802.03 million, a P/E ratio of -0.48 and a beta of 1.56. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The stock’s 50-day moving average is $14.89 and its 200 day moving average is $22.85.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The business had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.03) EPS. On average, research analysts predict that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current year.

Insider Activity at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the stock in a transaction dated Monday, November 11th. The shares were bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Louisiana State Employees Retirement System grew its holdings in SolarEdge Technologies by 2.5% during the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock worth $727,000 after purchasing an additional 700 shares during the period. Slow Capital Inc. increased its position in SolarEdge Technologies by 15.6% in the 2nd quarter. Slow Capital Inc. now owns 45,861 shares of the semiconductor company’s stock valued at $1,158,000 after buying an additional 6,180 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in SolarEdge Technologies by 23.7% in the second quarter. Bank of New York Mellon Corp now owns 357,830 shares of the semiconductor company’s stock worth $9,039,000 after acquiring an additional 68,444 shares in the last quarter. Meitav Investment House Ltd. grew its position in SolarEdge Technologies by 33.1% in the 2nd quarter. Meitav Investment House Ltd. now owns 531,044 shares of the semiconductor company’s stock valued at $13,412,000 after purchasing an additional 132,068 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of SolarEdge Technologies by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,774 shares of the semiconductor company’s stock valued at $1,080,000 after purchasing an additional 4,338 shares during the last quarter. 95.10% of the stock is currently owned by institutional investors.

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.