SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 4.9% – Still a Buy?

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

Analyst Upgrades and Downgrades

SEDG has been the subject of several recent analyst reports. Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $21.00 to $14.00 in a research report on Thursday, November 7th. Truist Financial decreased their price objective on SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, January 16th. The Goldman Sachs Group increased their price target on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, January 7th. Glj Research raised shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. Finally, Canaccord Genuity Group increased their price target on SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, January 7th. Eight 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. Based on data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and a consensus price target of $20.84.

SolarEdge Technologies Stock Performance

The company has a fifty day moving average price of $13.88 and a two-hundred day moving average price of $19.06. The company has a market capitalization of $856.50 million, a P/E ratio of -0.51 and a beta of 1.56. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly 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 business had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. SolarEdge Technologies’s revenue was down 64.0% on a year-over-year basis. During the same period in the previous year, the business posted ($1.03) EPS. Equities analysts forecast that SolarEdge Technologies, Inc. will post -23.2 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. R Squared Ltd acquired a new position in shares of SolarEdge Technologies during the fourth quarter valued at about $61,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in SolarEdge Technologies by 0.8% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,011,760 shares of the semiconductor company’s stock valued at $13,760,000 after buying an additional 8,079 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in shares of SolarEdge Technologies during the 4th quarter worth approximately $260,000. Janney Montgomery Scott LLC bought a new position in shares of SolarEdge Technologies in the fourth quarter valued at approximately $227,000. Finally, SG Americas Securities LLC increased its position in shares of SolarEdge Technologies by 592.3% during the fourth quarter. SG Americas Securities LLC now owns 137,736 shares of the semiconductor company’s stock valued at $1,873,000 after acquiring an additional 117,841 shares during the last quarter. Institutional investors 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.