SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up to $17.85

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped up before the market opened on Wednesday . The stock had previously closed at $17.85, but opened at $19.13. SolarEdge Technologies shares last traded at $19.24, with a volume of 1,768,486 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SEDG. Truist Financial reaffirmed a “hold” rating and set a $20.00 price target on shares of SolarEdge Technologies in a research report on Tuesday, August 27th. DZ Bank cut shares of SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price target on the stock. in a research report on Wednesday, July 17th. Royal Bank of Canada cut their price target on shares of SolarEdge Technologies from $37.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Morgan Stanley cut their price target on shares of SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 26th. Finally, William Blair began coverage on shares of SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating on the stock. Four investment analysts have rated the stock with a sell rating, twenty-six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $51.62.

SolarEdge Technologies Stock Down 6.3 %

The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. The company’s 50 day simple moving average is $25.00 and its 200 day simple moving average is $44.47.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The firm had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The company’s quarterly revenue was down 73.2% on a year-over-year basis. During the same quarter last year, the business posted $2.06 EPS. Equities analysts forecast that SolarEdge Technologies, Inc. will post -8.67 earnings per share for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brevan Howard Capital Management LP increased its stake in SolarEdge Technologies by 110.3% in the 4th quarter. Brevan Howard Capital Management LP now owns 39,374 shares of the semiconductor company’s stock valued at $3,685,000 after buying an additional 20,654 shares during the last quarter. Albion Financial Group UT grew its position in shares of SolarEdge Technologies by 32.2% during the 1st quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock valued at $278,000 after acquiring an additional 955 shares during the period. Principal Financial Group Inc. grew its position in shares of SolarEdge Technologies by 371.3% during the 4th quarter. Principal Financial Group Inc. now owns 288,935 shares of the semiconductor company’s stock valued at $27,044,000 after acquiring an additional 227,634 shares during the period. DekaBank Deutsche Girozentrale grew its position in shares of SolarEdge Technologies by 3,750.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 46,200 shares of the semiconductor company’s stock valued at $3,243,000 after acquiring an additional 45,000 shares during the period. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of SolarEdge Technologies during the 2nd quarter valued at approximately $679,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.