SolarEdge Technologies (NASDAQ:SEDG) Trading 9.5% Higher – Should You Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price shot up 9.5% during trading on Thursday . The company traded as high as $15.34 and last traded at $14.89. 1,540,424 shares changed hands during trading, a decline of 59% from the average session volume of 3,731,670 shares. The stock had previously closed at $13.60.

Analyst Ratings Changes

Several research firms have recently commented on SEDG. Glj Research raised shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Piper Sandler lowered shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. Citigroup reduced their price objective on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Finally, Bank of America cut shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $21.00 to $14.00 in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, SolarEdge Technologies presently has an average rating of “Hold” and an average price target of $22.40.

SolarEdge Technologies Trading Up 3.2 %

The stock has a market cap of $885.48 million, a price-to-earnings ratio of -0.53 and a beta of 1.56. The business has a fifty day simple moving average of $14.14 and a 200 day simple moving average of $20.42. 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 announced its 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 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 analyst estimates of $272.80 million. During the same quarter last year, the business posted ($1.03) EPS. The firm’s revenue was down 64.0% compared to the same quarter last year. As a group, equities analysts anticipate that SolarEdge Technologies, Inc. will post -19.18 EPS for the current year.

Insiders Place Their Bets

In other news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction that occurred on 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 owns 244,478 shares of the company’s stock, valued at $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. AMG National Trust Bank bought a new stake in SolarEdge Technologies in the third quarter valued at about $4,055,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of SolarEdge Technologies by 683.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after acquiring an additional 220,304 shares in the last quarter. Mizuho Markets Americas LLC lifted its stake in SolarEdge Technologies by 653.4% during the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock worth $4,315,000 after purchasing an additional 163,340 shares during the last quarter. Meitav Investment House Ltd. boosted its holdings in SolarEdge Technologies by 9.6% in the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after purchasing an additional 51,065 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new stake in SolarEdge Technologies during the third quarter valued at $1,495,000. 95.10% of the stock is owned by hedge funds and other 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.