SolarEdge Technologies (NASDAQ:SEDG) Shares Up 4.9% – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price traded up 4.9% during trading on Friday . The stock traded as high as $14.36 and last traded at $14.24. 726,254 shares were traded during mid-day trading, a decline of 83% from the average session volume of 4,354,227 shares. The stock had previously closed at $13.58.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SEDG. Morgan Stanley reissued an “underweight” rating and set a $9.00 price objective (down from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Barclays increased their target price on shares of SolarEdge Technologies from $7.00 to $10.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 14th. StockNews.com raised shares of SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. BMO Capital Markets cut their price objective on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a report on Thursday, November 7th. Finally, Royal Bank of Canada dropped their price objective on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 15th. Eight research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.84.

SolarEdge Technologies Stock 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 business has a fifty day moving average of $13.88 and a 200-day moving average of $19.06. The company has a market cap of $856.50 million, a PE ratio of -0.51 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) 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 business had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. During the same period in the previous year, the business earned ($1.03) EPS. The business’s revenue was down 64.0% compared to the same quarter last year. Equities research analysts anticipate that SolarEdge Technologies, Inc. will post -23.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman More Avery acquired 156,000 shares of the stock in a transaction on Monday, November 11th. The stock was acquired at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the transaction, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Quarry LP bought a new stake in shares of SolarEdge Technologies in the 2nd quarter worth approximately $36,627,000. Assenagon Asset Management S.A. grew its stake in shares of SolarEdge Technologies by 182.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock worth $11,888,000 after acquiring an additional 564,490 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of SolarEdge Technologies by 425.1% during the second 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. Soros Fund Management LLC purchased a new position in shares of SolarEdge Technologies in the 3rd quarter worth about $5,293,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in SolarEdge Technologies by 683.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after purchasing an additional 220,304 shares in the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.