SolarEdge Technologies (NASDAQ:SEDG) Trading Down 5.3% – Should You Sell?

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) dropped 5.3% during mid-day trading on Tuesday . The company traded as low as $13.33 and last traded at $13.38. Approximately 1,912,046 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 4,378,192 shares. The stock had previously closed at $14.13.

Wall Street Analysts Forecast Growth

SEDG has been the subject of several analyst reports. Piper Sandler lowered SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $17.00 to $9.00 in a research note on Thursday, November 7th. Canaccord Genuity Group lifted their target price on SolarEdge Technologies from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Tuesday, January 7th. StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Guggenheim upgraded shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a report on Wednesday, November 20th. Finally, Wells Fargo & Company cut their price target on SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. Eight investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $20.84.

SolarEdge Technologies Stock Performance

The stock has a 50 day simple moving average of $14.03 and a 200 day simple moving average of $18.73. The stock has a market cap of $775.08 million, a P/E ratio of -0.46 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 data 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 in the previous year, the company earned ($1.03) earnings per share. The company’s quarterly revenue was down 64.0% on a year-over-year basis. On average, equities analysts expect that SolarEdge Technologies, Inc. will post -23.2 earnings per share for the current year.

Insider Buying and Selling

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was acquired at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SEDG. Y.D. More Investments Ltd raised its stake in shares of SolarEdge Technologies by 251.8% in the fourth quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 2,770 shares during the last quarter. Bank Hapoalim BM lifted its position in shares of SolarEdge Technologies by 24.0% during the 4th quarter. Bank Hapoalim BM now owns 41,626 shares of the semiconductor company’s stock worth $566,000 after buying an additional 8,053 shares in the last quarter. R Squared Ltd bought a new position in shares of SolarEdge Technologies in the fourth quarter valued at approximately $61,000. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of SolarEdge Technologies by 0.8% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,011,760 shares of the semiconductor company’s stock valued at $13,760,000 after acquiring an additional 8,079 shares during the last quarter. Finally, Exchange Traded Concepts LLC bought a new stake in SolarEdge Technologies during the fourth quarter worth $260,000. Institutional investors and hedge funds 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.