SolarEdge Technologies (NASDAQ:SEDG) Trading Up 4.6% – Here’s Why

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

Analysts Set New Price Targets

A number of research firms recently issued reports on SEDG. StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a report on Friday, November 8th. Piper Sandler cut shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $17.00 to $9.00 in a research note on Thursday, November 7th. Royal Bank of Canada cut their target price on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 15th. BMO Capital Markets lowered their price target on SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. decreased their target price on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Eight investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $22.40.

SolarEdge Technologies Trading Up 10.1 %

The firm has a market cap of $916.77 million, a price-to-earnings ratio of -0.54 and a beta of 1.56. The business’s 50 day moving average price is $15.08 and its 200-day moving average price is $23.15. 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 released its 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). 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 for the quarter, compared to the consensus estimate of $272.80 million. During the same period in the prior year, the business earned ($1.03) EPS. The company’s quarterly revenue was down 64.0% on a year-over-year basis. Equities analysts expect that SolarEdge Technologies, Inc. will post -19.18 EPS for the current year.

Insiders Place Their Bets

In related news, Chairman More Avery bought 156,000 shares of the business’s stock in a transaction on 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.67% of the stock is currently owned by corporate insiders.

Institutional Trading of SolarEdge Technologies

Large investors have recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in SolarEdge Technologies in the 2nd quarter worth about $28,000. KBC Group NV raised its holdings in shares of SolarEdge Technologies by 95.8% during the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 1,378 shares during the last quarter. US Bancorp DE boosted its position in shares of SolarEdge Technologies by 243.6% during the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after buying an additional 4,834 shares during the period. GFG Capital LLC bought a new position in SolarEdge Technologies in the 3rd quarter worth approximately $229,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in SolarEdge Technologies in the 3rd quarter valued at approximately $278,000. Institutional investors and hedge funds 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.