SolarEdge Technologies (NASDAQ:SEDG) Trading Up 5.6% – Still a Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares rose 5.6% on Wednesday . The company traded as high as $14.62 and last traded at $14.45. Approximately 449,482 shares were traded during trading, a decline of 88% from the average daily volume of 3,604,597 shares. The stock had previously closed at $13.69.

Analyst Ratings Changes

A number of research analysts recently commented on SEDG shares. Jefferies Financial Group cut SolarEdge Technologies from a “hold” rating to an “underperform” rating and decreased their price target for the stock from $27.00 to $17.00 in a research report on Tuesday, September 17th. The Goldman Sachs Group cut their price objective on SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating on the stock in a research note on Thursday, November 7th. Mizuho lowered SolarEdge Technologies from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $35.00 to $11.00 in a research note on Thursday, November 7th. Barclays lowered their target price on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a research report on Friday, November 15th. Finally, JPMorgan Chase & Co. lowered their target price on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Nine research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies presently has an average rating of “Hold” and a consensus target price of $22.79.

SolarEdge Technologies Trading Up 13.1 %

The company has a market capitalization of $897.07 million, a PE ratio of -0.51 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. The stock has a fifty day moving average of $17.08 and a two-hundred day moving average of $26.67.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The firm had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business’s quarterly revenue was down 64.0% on a year-over-year basis. During the same period in the prior year, the business posted ($1.03) earnings per share. As a group, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -19.05 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 that occurred on Monday, November 11th. The shares were bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Swedbank AB purchased a new stake in SolarEdge Technologies during the first quarter valued at $261,312,000. Vanguard Group Inc. raised its holdings in SolarEdge Technologies by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after purchasing an additional 62,942 shares during the period. Quarry LP purchased a new position in SolarEdge Technologies during the second quarter valued at $36,627,000. Two Sigma Advisers LP grew its holdings in SolarEdge Technologies by 0.3% during the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after purchasing an additional 3,400 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in SolarEdge Technologies by 0.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock worth $25,531,000 after buying an additional 2,795 shares in the last quarter. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.