SolarEdge Technologies (NASDAQ:SEDG) Shares Up 4.6% – Should You Buy?

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) traded up 4.6% during trading on Wednesday . The company traded as high as $15.71 and last traded at $15.03. 1,401,973 shares changed hands during trading, a decline of 62% from the average session volume of 3,686,596 shares. The stock had previously closed at $14.37.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Piper Sandler cut shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. Barclays cut their price target on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a report on Friday, November 15th. UBS Group cut their price objective 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. Glj Research upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday. Finally, Mizuho cut shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $35.00 to $11.00 in a research note 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. According to data from MarketBeat, SolarEdge Technologies currently 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 $759.72 million, a P/E ratio of -0.45 and a beta of 1.56. The stock’s fifty day simple moving average is $14.79 and its 200 day simple moving average is $22.78. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. During the same period in the previous year, the company earned ($1.03) EPS. The company’s revenue was down 64.0% on a year-over-year basis. On average, equities research analysts predict that SolarEdge Technologies, Inc. will post -19.18 EPS for the current year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery bought 156,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the purchase, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Yelin Lapidot Holdings Management Ltd. grew its holdings in shares of SolarEdge Technologies by 5.1% during the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after buying an additional 564 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in SolarEdge Technologies by 2.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock valued at $727,000 after purchasing an additional 700 shares during the last quarter. Bank Hapoalim BM increased its holdings in shares of SolarEdge Technologies by 2.5% in the third quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after purchasing an additional 812 shares during the period. International Assets Investment Management LLC purchased a new position in shares of SolarEdge Technologies in the second quarter worth about $28,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of 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. 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.