SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Should You Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped up before the market opened on Wednesday . The stock had previously closed at $16.93, but opened at $22.77. SolarEdge Technologies shares last traded at $21.33, with a volume of 9,086,300 shares.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SEDG shares. The Goldman Sachs Group increased their price objective on shares of SolarEdge Technologies from $21.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday. Canaccord Genuity Group increased their price target on shares of SolarEdge Technologies from $18.00 to $19.00 and gave the stock a “hold” rating in a research report on Thursday. BMO Capital Markets downgraded shares of SolarEdge Technologies from a “market perform” rating to an “underperform” rating and boosted their price objective for the company from $13.00 to $15.00 in a research report on Thursday. UBS Group raised their target price on SolarEdge Technologies from $18.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday. Finally, StockNews.com raised SolarEdge Technologies to a “sell” rating in a report on Friday, November 8th. Ten investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus price target of $21.65.

SolarEdge Technologies Stock Performance

The stock has a 50 day moving average of $14.50 and a 200 day moving average of $17.29. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -0.56 and a beta of 1.56. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC boosted its position in SolarEdge Technologies by 2,191.0% during the third quarter. International Assets Investment Management LLC now owns 25,407 shares of the semiconductor company’s stock valued at $582,000 after acquiring an additional 24,298 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of SolarEdge Technologies by 56.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 309,623 shares of the semiconductor company’s stock valued at $7,093,000 after purchasing an additional 111,944 shares in the last quarter. E. Ohman J or Asset Management AB grew its stake in SolarEdge Technologies by 109.3% during the third quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company’s stock worth $8,559,000 after purchasing an additional 195,085 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in SolarEdge Technologies by 9.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the semiconductor company’s stock worth $694,000 after purchasing an additional 2,500 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new stake in SolarEdge Technologies in the third quarter worth approximately $1,495,000. 95.10% of the stock is owned by 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.