SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Here’s What Happened

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 traded.

Analyst Ratings Changes

A number of brokerages have weighed in on SEDG. TD Cowen dropped their target price on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. Glj Research reissued a “sell” rating and issued a $3.90 target price on shares of SolarEdge Technologies in a report on Friday, November 29th. Truist Financial lowered their target price on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a report on Friday, November 8th. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $9.00 in a report on Thursday, November 7th. Finally, Mizuho downgraded SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $35.00 to $11.00 in a research note on Thursday, November 7th. Eight research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $22.40.

SolarEdge Technologies Price Performance

The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The stock has a fifty day simple moving average of $15.08 and a 200-day simple moving average of $23.15. The stock has a market cap of $851.87 million, a price-to-earnings ratio of -0.51 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. During the same period last year, the firm posted ($1.03) EPS. The company’s revenue was down 64.0% compared to the same quarter last year. As a group, equities research analysts expect that SolarEdge Technologies, Inc. will post -19.18 EPS for the current year.

Insider Activity at SolarEdge Technologies

In other news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction that occurred on Monday, November 11th. The stock was purchased at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its stake in SolarEdge Technologies by 798.2% in the second quarter. Assenagon Asset Management S.A. now owns 197,679 shares of the semiconductor company’s stock valued at $4,993,000 after acquiring an additional 175,671 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of SolarEdge Technologies by 2.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock valued at $727,000 after purchasing an additional 700 shares in the last quarter. Slow Capital Inc. grew its holdings in shares of SolarEdge Technologies by 15.6% in the 2nd quarter. Slow Capital Inc. now owns 45,861 shares of the semiconductor company’s stock worth $1,158,000 after purchasing an additional 6,180 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of SolarEdge Technologies by 23.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 357,830 shares of the semiconductor company’s stock worth $9,039,000 after purchasing an additional 68,444 shares in the last quarter. Finally, Meitav Investment House Ltd. lifted its holdings in SolarEdge Technologies by 33.1% during the 2nd quarter. Meitav Investment House Ltd. now owns 531,044 shares of the semiconductor company’s stock valued at $13,412,000 after purchasing an additional 132,068 shares during the last quarter. Institutional investors and hedge funds 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.