Investors Buy Large Volume of SolarEdge Technologies Call Options (NASDAQ:SEDG)

SolarEdge Technologies, Inc. (NASDAQ:SEDG) was the recipient of some unusual options trading on Friday. Traders purchased 33,795 call options on the company. This is an increase of approximately 64% compared to the typical daily volume of 20,601 call options.

SolarEdge Technologies Stock Up 6.7 %

Shares of SEDG stock traded up $1.21 during mid-day trading on Friday, reaching $19.36. 2,398,452 shares of the company were exchanged, compared to its average volume of 3,227,013. SolarEdge Technologies has a fifty-two week low of $17.12 and a fifty-two week high of $147.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. The company has a market capitalization of $1.11 billion, a P/E ratio of -4.15 and a beta of 1.56. The business’s 50 day simple moving average is $25.00 and its 200 day simple moving average is $44.47.

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

Wall Street Analyst Weigh In

SEDG has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft reduced their target price on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, August 9th. JPMorgan Chase & Co. upped their target price on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Susquehanna reduced their target price on shares of SolarEdge Technologies from $36.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Jefferies Financial Group initiated coverage on shares of SolarEdge Technologies in a report on Wednesday, September 4th. They issued a “hold” rating and a $27.00 target price on the stock. Finally, Canaccord Genuity Group reduced their target price on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Four research analysts have rated the stock with a sell rating, twenty-six have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, SolarEdge Technologies presently has an average rating of “Hold” and a consensus target price of $51.62.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP bought a new position in SolarEdge Technologies in the 2nd quarter worth about $36,627,000. The Manufacturers Life Insurance Company grew its holdings in SolarEdge Technologies by 5.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock worth $534,000 after buying an additional 1,175 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new position in SolarEdge Technologies in the 2nd quarter worth approximately $678,000. AQR Capital Management LLC acquired a new stake in SolarEdge Technologies in the 2nd quarter valued at approximately $600,000. Finally, Marshall Wace LLP raised its stake in SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after acquiring an additional 450,081 shares in the last quarter. Institutional investors and hedge funds 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.