SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 9.5% – Still a Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares rose 9.5% during mid-day trading on Thursday . The company traded as high as $15.34 and last traded at $14.89. Approximately 1,540,424 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 3,731,670 shares. The stock had previously closed at $13.60.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SEDG. Roth Mkm cut their price target on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. StockNews.com raised SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. The Goldman Sachs Group raised shares of SolarEdge Technologies from a “sell” rating to a “buy” rating and raised their target price for the stock from $10.00 to $19.00 in a report on Tuesday, December 17th. Citigroup cut their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, Susquehanna cut their price objective on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Seven analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $22.40.

SolarEdge Technologies Stock Up 10.5 %

The firm has a market capitalization of $870.99 million, a P/E ratio of -0.52 and a beta of 1.56. The stock has a fifty day moving average price of $14.16 and a two-hundred day moving average price of $20.62. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34.

SolarEdge Technologies (NASDAQ:SEDG) last posted 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). The business had revenue of $260.90 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 64.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.03) earnings per share. Research analysts forecast that SolarEdge Technologies, Inc. will post -19.18 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of SolarEdge Technologies

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its position in shares of 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 purchasing an additional 68,444 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in SolarEdge Technologies by 11.3% during the 2nd 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. International Assets Investment Management LLC bought a new stake in SolarEdge Technologies in the 2nd quarter valued at $28,000. Rhumbline Advisers grew its position in SolarEdge Technologies by 3.6% in the 2nd quarter. Rhumbline Advisers now owns 104,092 shares of the semiconductor company’s stock worth $2,629,000 after purchasing an additional 3,572 shares during the last quarter. Finally, Tortoise Capital Advisors L.L.C. grew its position in SolarEdge Technologies by 31.5% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 99,522 shares of the semiconductor company’s stock worth $2,514,000 after buying an additional 23,844 shares in 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.