SolarEdge Technologies (NASDAQ:SEDG) Trading Up 5.6% – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) rose 5.6% on Wednesday . The stock traded as high as $14.62 and last traded at $14.45. Approximately 449,482 shares were traded during trading, a decline of 88% from the average daily volume of 3,604,597 shares. The stock had previously closed at $13.69.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SEDG. TD Cowen cut their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group lowered their price objective on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. StockNews.com raised SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Finally, Bank of America lowered SolarEdge Technologies from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $21.00 to $14.00 in a report on Thursday, November 7th. Nine investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, SolarEdge Technologies has an average rating of “Hold” and an average target price of $22.79.

SolarEdge Technologies Price Performance

The company has a 50-day moving average price of $17.08 and a two-hundred day moving average price of $26.67. The company has a market cap of $897.07 million, a PE ratio of -0.51 and a beta of 1.59. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data 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 during 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 business’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 firm earned ($1.03) EPS. Sell-side analysts expect that SolarEdge Technologies, Inc. will post -19.05 earnings per share for the current fiscal year.

Insider Transactions at SolarEdge Technologies

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

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently bought and sold shares of SEDG. International Assets Investment Management LLC acquired a new position in SolarEdge Technologies during the 2nd quarter worth about $28,000. KBC Group NV increased its stake in SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after purchasing an additional 1,378 shares in the last quarter. First Pacific Financial increased its stake in SolarEdge Technologies by 53.0% during the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after purchasing an additional 1,805 shares in the last quarter. US Bancorp DE grew its stake in shares of SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after acquiring an additional 4,834 shares in the last quarter. Finally, GFG Capital LLC acquired a new stake in shares of SolarEdge Technologies in the 3rd quarter valued at approximately $229,000. Institutional investors own 95.10% of the company’s stock.

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.