SolarEdge Technologies (NASDAQ:SEDG) Trading Up 6.5% – Should You Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) was up 6.5% during mid-day trading on Monday . The company traded as high as $19.12 and last traded at $18.84. Approximately 1,794,064 shares changed hands during trading, a decline of 46% from the average daily volume of 3,312,899 shares. The stock had previously closed at $17.69.

Wall Street Analysts Forecast Growth

SEDG has been the subject of several recent research reports. Citigroup lowered their price target on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Scotiabank lowered their price target on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Roth Mkm lowered their price target on shares of SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, October 21st. TD Cowen reissued a “hold” rating and issued a $16.00 price target (down from $35.00) on shares of SolarEdge Technologies in a research note on Monday, October 21st. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, August 9th. Seven analysts have rated the stock with a sell rating, twenty have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and an average price target of $29.88.

SolarEdge Technologies Stock Up 3.0 %

The stock’s 50 day simple moving average is $20.05 and its two-hundred day simple moving average is $31.95. The firm has a market cap of $1.04 billion, a P/E ratio of -2.11 and a beta of 1.59. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. During the same quarter in the prior year, the business posted $2.06 EPS. The company’s revenue for the quarter was down 73.2% compared to the same quarter last year. As a group, research analysts forecast that SolarEdge Technologies, Inc. will post -8.85 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Trillium Asset Management LLC boosted its stake in shares of SolarEdge Technologies by 1.6% during the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock worth $1,960,000 after acquiring an additional 427 shares during the last quarter. Yelin Lapidot Holdings Management Ltd. boosted its stake in shares of SolarEdge Technologies by 5.1% during the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock worth $294,000 after acquiring an additional 564 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of SolarEdge Technologies by 1.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock valued at $3,525,000 after buying an additional 585 shares in the last quarter. Swiss National Bank lifted its stake in shares of SolarEdge Technologies by 0.5% during the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock valued at $7,957,000 after buying an additional 600 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in shares of 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 buying an additional 700 shares in the last quarter. 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.