SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 7.9% – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shot up 7.9% on Wednesday . The company traded as high as $11.45 and last traded at $11.30. 1,470,502 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 3,575,507 shares. The stock had previously closed at $10.47.

Analysts Set New Price Targets

Several analysts have weighed in on SEDG shares. Jefferies Financial Group cut SolarEdge Technologies from a “hold” rating to an “underperform” rating and lowered their price target for the company from $27.00 to $17.00 in a report on Tuesday, September 17th. Roth Mkm lowered their target price on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Piper Sandler cut shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. Morgan Stanley reissued an “underweight” rating and issued a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Finally, Scotiabank dropped their price objective on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Nine investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, SolarEdge Technologies currently has a consensus rating of “Hold” and an average target price of $22.79.

SolarEdge Technologies Stock Performance

The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The business has a fifty day moving average of $17.58 and a 200-day moving average of $27.96. The company has a market cap of $621.22 million, a PE ratio of -0.37 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. During the same period last year, the firm posted ($1.03) earnings per share. SolarEdge Technologies’s quarterly revenue was down 64.0% on a year-over-year basis. Equities research analysts anticipate that SolarEdge Technologies, Inc. will post -19.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman More Avery acquired 156,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were acquired at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the transaction, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. The trade was a 176.32 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SEDG. Swedbank AB purchased a new stake in SolarEdge Technologies in the first quarter worth $261,312,000. Quarry LP purchased a new stake in shares of SolarEdge Technologies in the 2nd quarter worth about $36,627,000. Marshall Wace LLP increased its stake in shares of SolarEdge Technologies by 425.1% in the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after acquiring an additional 450,081 shares in the last quarter. Soros Fund Management LLC purchased a new position in SolarEdge Technologies during the 3rd quarter valued at about $5,293,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in SolarEdge Technologies by 683.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after acquiring an additional 220,304 shares during the period. Hedge funds and other institutional investors 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.