SolarEdge Technologies (NASDAQ:SEDG) Trading Up 6.3% – Time to Buy?

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) shot up 6.3% during trading on Monday . The company traded as high as $13.61 and last traded at $13.93. 1,322,770 shares traded hands during trading, a decline of 67% from the average session volume of 4,027,585 shares. The stock had previously closed at $13.10.

Wall Street Analyst Weigh In

A number of brokerages have commented on SEDG. Truist Financial decreased their price target on shares of SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, January 16th. Mizuho lowered shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $35.00 to $11.00 in a research note on Thursday, November 7th. Royal Bank of Canada decreased their price target on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 15th. Roth Mkm decreased their price target on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, Citigroup reaffirmed a “sell” rating and set a $9.00 price objective (down from $12.00) on shares of SolarEdge Technologies in a report on Wednesday, January 8th. Eight analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $20.84.

SolarEdge Technologies Stock Performance

The firm has a market cap of $774.21 million, a PE ratio of -0.46 and a beta of 1.56. The company has a 50 day simple moving average of $14.20 and a 200-day simple moving average of $18.28. 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 issued 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). The firm had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.03) EPS. As a group, equities research analysts anticipate that SolarEdge Technologies, Inc. will post -23.19 EPS for the current year.

Insider Activity

In related news, Chairman More Avery acquired 156,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

A number of institutional investors have recently made changes to their positions in SEDG. Y.D. More Investments Ltd lifted its stake in SolarEdge Technologies by 251.8% in the fourth quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company’s stock worth $53,000 after acquiring an additional 2,770 shares during the period. R Squared Ltd purchased a new stake in SolarEdge Technologies in the fourth quarter worth $61,000. KBC Group NV lifted its stake in SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after acquiring an additional 1,378 shares during the period. GAMMA Investing LLC lifted its stake in SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after acquiring an additional 4,567 shares during the period. Finally, US Bancorp DE raised its holdings in SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after purchasing an additional 4,834 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.