SolarEdge Technologies (NASDAQ:SEDG) Trading Up 11.1%

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares traded up 11.1% on Wednesday . The company traded as high as $30.31 and last traded at $30.00. 1,895,020 shares changed hands during trading, a decline of 40% from the average session volume of 3,132,682 shares. The stock had previously closed at $27.01.

Wall Street Analysts Forecast Growth

SEDG has been the subject of a number of recent analyst reports. DZ Bank lowered SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price objective for the company. in a report on Wednesday, July 17th. Scotiabank lowered their price target on SolarEdge Technologies from $72.00 to $46.00 and set a “sector perform” rating on the stock in a report on Tuesday, June 25th. BMO Capital Markets reduced their price objective on shares of SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating for the company in a report on Thursday, May 9th. Northland Capmk cut shares of SolarEdge Technologies from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 9th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of SolarEdge Technologies from $75.00 to $55.00 and set a “hold” rating on the stock in a research report on Friday, May 10th. Four research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and a consensus price target of $69.58.

SolarEdge Technologies Stock Performance

The firm’s 50-day simple moving average is $35.20 and its two-hundred day simple moving average is $55.32. The stock has a market capitalization of $1.65 billion, a PE ratio of -6.21 and a beta of 1.52. The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). The business had revenue of $204.40 million for the quarter, compared to analysts’ expectations of $194.82 million. SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. On average, equities research analysts expect that SolarEdge Technologies, Inc. will post -6.76 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in the stock. State of Alaska Department of Revenue lifted its position in SolarEdge Technologies by 419.9% in the 4th quarter. State of Alaska Department of Revenue now owns 34,950 shares of the semiconductor company’s stock worth $3,271,000 after buying an additional 28,227 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of SolarEdge Technologies by 33.0% during the fourth quarter. Fifth Third Bancorp now owns 4,105 shares of the semiconductor company’s stock worth $384,000 after acquiring an additional 1,019 shares in the last quarter. Arizona State Retirement System boosted its position in SolarEdge Technologies by 2.9% during the fourth quarter. Arizona State Retirement System now owns 15,811 shares of the semiconductor company’s stock valued at $1,480,000 after purchasing an additional 440 shares during the last quarter. International Assets Investment Management LLC grew its stake in SolarEdge Technologies by 20,293.3% in the fourth quarter. International Assets Investment Management LLC now owns 103,802 shares of the semiconductor company’s stock valued at $9,716,000 after purchasing an additional 103,293 shares in the last quarter. Finally, Fulton Bank N.A. increased its position in SolarEdge Technologies by 24.2% in the 4th quarter. Fulton Bank N.A. now owns 4,056 shares of the semiconductor company’s stock worth $380,000 after purchasing an additional 791 shares during the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.