SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Still a Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price 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 changing hands.

Analyst Ratings Changes

A number of research analysts have issued reports on SEDG shares. Guggenheim upgraded shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. TD Cowen dropped their target price on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. StockNews.com raised SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. Glj Research reissued a “sell” rating and issued a $3.90 target price on shares of SolarEdge Technologies in a research note on Friday, November 29th. Finally, The Goldman Sachs Group upgraded SolarEdge Technologies from a “sell” rating to a “buy” rating and boosted their target price for the stock from $10.00 to $19.00 in a research report on Tuesday. Eight analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $22.40.

SolarEdge Technologies Price Performance

The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The company’s 50 day moving average is $15.08 and its 200 day moving average is $23.15. The firm has a market capitalization of $851.87 million, a price-to-earnings ratio of -0.51 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 for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The business had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm’s quarterly revenue was down 64.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.03) earnings per share. On average, equities 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 company’s stock in a transaction dated 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 transaction, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

A number of large investors have recently modified their holdings of SEDG. Quarry LP bought a new position in SolarEdge Technologies in the second quarter valued at about $36,627,000. Two Sigma Advisers LP increased its position in SolarEdge Technologies by 0.3% during the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after purchasing an additional 3,400 shares in the last quarter. M&G PLC increased its holdings in shares of SolarEdge Technologies by 4.2% during the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock worth $21,452,000 after buying an additional 38,001 shares in the last quarter. Geode Capital Management LLC grew its position in SolarEdge Technologies by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after acquiring an additional 25,474 shares during the last quarter. Finally, Meitav Investment House Ltd. raised its position in SolarEdge Technologies by 9.6% in the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after purchasing an additional 51,065 shares during the last quarter. 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.