SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped up prior to trading on Tuesday . The stock had previously closed at $12.32, but opened at $14.68. SolarEdge Technologies shares last traded at $14.94, with a volume of 3,543,613 shares.

Analyst Ratings Changes

SEDG has been the subject of a number of research reports. Citigroup cut their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. The Goldman Sachs Group raised SolarEdge Technologies from a “sell” rating to a “buy” rating and raised their price target for the stock from $10.00 to $19.00 in a report on Tuesday. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. Barclays decreased their price target on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a research report on Friday, November 15th. Finally, Truist Financial reduced their price objective on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a research note on Friday, November 8th. Eight analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $22.40.

SolarEdge Technologies Price Performance

The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The firm has a 50-day moving average of $14.89 and a 200 day moving average of $22.85. The company has a market capitalization of $802.03 million, a PE ratio of -0.48 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly 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). The firm had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.03) earnings per share. As a group, research analysts anticipate that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman More Avery bought 156,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the purchase, the chairman now 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 acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors have recently bought and sold shares of SEDG. International Assets Investment Management LLC purchased a new stake in shares of SolarEdge Technologies during the 2nd quarter worth approximately $28,000. KBC Group NV raised 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 valued at $65,000 after buying an additional 1,378 shares in the last quarter. US Bancorp DE raised its position in SolarEdge Technologies by 243.6% during the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after purchasing an additional 4,834 shares during the period. GFG Capital LLC purchased a new stake in SolarEdge Technologies in the 3rd quarter worth about $229,000. Finally, Magnetar Financial LLC bought a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $286,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.