SolarEdge Technologies (NASDAQ:SEDG) Trading Up 9.5% – Here’s Why

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

Analysts Set New Price Targets

SEDG has been the subject of several recent research reports. Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Bank of America cut shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $21.00 to $14.00 in a research report on Thursday, November 7th. Mizuho cut shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and cut their target price for the company from $35.00 to $11.00 in a research note on Thursday, November 7th. UBS Group lowered their target price on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Finally, Royal Bank of Canada reduced their target price on shares of 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. Seven research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $22.40.

SolarEdge Technologies Price Performance

The firm has a market capitalization of $870.99 million, a price-to-earnings ratio of -0.52 and a beta of 1.56. The company’s 50 day moving average is $14.16 and its 200 day moving average is $20.62. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share 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 last year, the company posted ($1.03) EPS. The business’s revenue was down 64.0% on a year-over-year basis. On average, equities research analysts anticipate that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently made changes to their positions in SEDG. Bank Hapoalim BM boosted its position in SolarEdge Technologies by 2.5% during the third quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after acquiring an additional 812 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of SolarEdge Technologies during the 2nd quarter valued at about $28,000. The Manufacturers Life Insurance Company grew its stake in SolarEdge Technologies by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock worth $534,000 after purchasing an additional 1,175 shares during the period. KBC Group NV grew its position in shares of 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 buying an additional 1,378 shares during the period. Finally, ProShare Advisors LLC grew its holdings in SolarEdge Technologies by 15.6% in the second quarter. ProShare Advisors LLC now owns 11,599 shares of the semiconductor company’s stock worth $293,000 after purchasing an additional 1,569 shares during the period. 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.