SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 4.6% – Still a Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) rose 4.6% during trading on Wednesday . The stock traded as high as $15.71 and last traded at $15.03. Approximately 1,401,973 shares changed hands during trading, a decline of 62% from the average daily volume of 3,686,596 shares. The stock had previously closed at $14.37.

Analyst Ratings Changes

SEDG has been the subject of several research reports. Piper Sandler downgraded shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $17.00 to $9.00 in a research report on Thursday, November 7th. Royal Bank of Canada lowered their price objective on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 15th. StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. UBS Group reduced their price objective on shares of SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Finally, Jefferies Financial Group lowered SolarEdge Technologies from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $27.00 to $17.00 in a report on Tuesday, September 17th. Seven investment analysts have rated the stock with a sell rating, nineteen have assigned 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 company has a consensus rating of “Hold” and an average price target of $22.40.

SolarEdge Technologies Stock Down 5.3 %

The stock’s fifty day moving average is $14.79 and its 200 day moving average is $22.78. The company has a market capitalization of $759.72 million, a P/E ratio of -0.45 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

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

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery purchased 156,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were purchased at an average price 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 in the company, valued at $3,337,124.70. This represents a 176.32 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.67% of the stock is owned by company insiders.

Institutional Trading of SolarEdge Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Yelin Lapidot Holdings Management Ltd. lifted its stake in SolarEdge Technologies by 5.1% during the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after acquiring an additional 564 shares during the period. Louisiana State Employees Retirement System grew its position in SolarEdge Technologies by 2.5% in the 2nd 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. Bank Hapoalim BM raised its stake in SolarEdge Technologies by 2.5% during the 3rd quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after buying an additional 812 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in SolarEdge Technologies during the second quarter valued at $28,000. Finally, The Manufacturers Life Insurance Company increased its position in SolarEdge Technologies by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock valued at $534,000 after acquiring an additional 1,175 shares during the last quarter. Institutional investors 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.