Insider Buying: SolarEdge Technologies, Inc. (NASDAQ:SEDG) Chairman Buys 156,000 Shares of Stock

SolarEdge Technologies, Inc. (NASDAQ:SEDG) Chairman More Avery purchased 156,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was purchased at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the acquisition, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This represents a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock opened at $12.10 on Thursday. The stock has a 50-day moving average price of $18.52 and a two-hundred day moving average price of $29.77. SolarEdge Technologies, Inc. has a 12 month low of $11.02 and a 12 month high of $103.15. The company has a market capitalization of $701.20 million, a PE ratio of -0.42 and a beta of 1.59. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $272.80 million. During the same quarter in the prior year, the business earned ($1.03) earnings per share. The firm’s quarterly revenue was down 64.0% on a year-over-year basis. Analysts expect that SolarEdge Technologies, Inc. will post -17.51 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank of Canada dropped their price target on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 15th. DZ Bank lowered SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price objective on the stock. in a research note on Wednesday, July 17th. JPMorgan Chase & Co. decreased their target price on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Morgan Stanley cut their price target on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, October 8th. Finally, TD Cowen reduced their target price on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, November 7th. Nine research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $23.79.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in the stock. Trillium Asset Management LLC lifted its position in shares of SolarEdge Technologies by 1.6% in the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock worth $1,960,000 after purchasing an additional 427 shares during the period. Yelin Lapidot Holdings Management Ltd. lifted its holdings in SolarEdge Technologies by 5.1% in the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after buying an additional 564 shares during the period. Swiss National Bank lifted its stake in shares of SolarEdge Technologies by 0.5% in the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock valued at $7,957,000 after purchasing an additional 600 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of SolarEdge Technologies by 2.5% during 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. Finally, Bank Hapoalim BM grew its stake in SolarEdge Technologies by 2.5% during the third quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock worth $769,000 after purchasing an additional 812 shares during the period. 95.10% of the stock is currently owned by 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.