SolarEdge Technologies (NASDAQ:SEDG) Trading Down 8.5% – Here’s What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price fell 8.5% on Wednesday . The stock traded as low as $16.11 and last traded at $15.81. 865,865 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 4,044,840 shares. The stock had previously closed at $17.29.

Analysts Set New Price Targets

Several brokerages have commented on SEDG. Roth Mkm lifted their price objective on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, February 21st. Glj Research upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. Truist Financial cut their price target on SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, January 16th. JPMorgan Chase & Co. decreased their price objective on SolarEdge Technologies from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Finally, Wells Fargo & Company dropped their target price on SolarEdge Technologies from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Thursday. Ten research analysts have rated the stock with a sell rating, fifteen have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, SolarEdge Technologies has a consensus rating of “Hold” and a consensus target price of $21.80.

SolarEdge Technologies Stock Down 0.5 %

The firm has a market cap of $931.71 million, a price-to-earnings ratio of -0.51 and a beta of 1.78. The business has a fifty day simple moving average of $15.61 and a 200 day simple moving average of $16.01. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average price of $13.70 per share, with a total value of $411,000.00. Following the purchase, the chairman now owns 274,478 shares in the company, valued at approximately $3,760,348.60. The trade was a 12.27 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Millstone Evans Group LLC purchased a new position in SolarEdge Technologies during the fourth quarter worth approximately $27,000. Jones Financial Companies Lllp grew its holdings in SolarEdge Technologies by 401.2% in the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 1,954 shares in the last quarter. Y.D. More Investments Ltd increased its stake in shares of SolarEdge Technologies by 251.8% in the 4th 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 last quarter. R Squared Ltd purchased a new position in shares of SolarEdge Technologies during the 4th quarter worth $61,000. Finally, GAMMA Investing LLC raised its holdings in shares of SolarEdge Technologies by 655.2% during the 4th 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. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.