SolarEdge Technologies (NASDAQ:SEDG) Trading 6.3% Higher – What’s Next?

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) were up 6.3% during mid-day trading on Monday . The stock traded as high as $13.61 and last traded at $13.93. Approximately 1,322,770 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 4,027,585 shares. The stock had previously closed at $13.10.

Analysts Set New Price Targets

A number of analysts recently commented on SEDG shares. Roth Mkm dropped their price target on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Susquehanna lowered their target price on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. BMO Capital Markets reduced their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research report on Thursday, November 7th. StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. Finally, Canaccord Genuity Group raised their price target on shares of SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Tuesday, January 7th. Eight equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.84.

SolarEdge Technologies Stock Performance

The company has a 50 day simple moving average of $14.20 and a 200-day simple moving average of $18.10. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The stock has a market cap of $831.00 million, a P/E ratio of -0.49 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.03) EPS. On average, equities analysts expect that SolarEdge Technologies, Inc. will post -23.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman More Avery purchased 156,000 shares of the company’s 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 transaction, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.67% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. AMG National Trust Bank purchased a new position in SolarEdge Technologies during the 3rd quarter valued at about $4,055,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in SolarEdge Technologies by 683.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after acquiring an additional 220,304 shares during the period. Mizuho Markets Americas LLC increased its position in SolarEdge Technologies by 653.4% during the 3rd quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock valued at $4,315,000 after purchasing an additional 163,340 shares during the period. Meitav Investment House Ltd. raised its holdings in SolarEdge Technologies by 9.6% in the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after purchasing an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of SolarEdge Technologies during the third quarter valued at about $1,495,000. 95.10% of the stock is owned by 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.