More Avery Buys 156,000 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) Stock

SolarEdge Technologies, Inc. (NASDAQ:SEDG) Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

SolarEdge Technologies Trading Down 17.1 %

Shares of SEDG opened at $10.64 on Friday. The firm has a fifty day simple moving average of $18.19 and a two-hundred day simple moving average of $29.31. SolarEdge Technologies, Inc. has a twelve month low of $10.55 and a twelve month high of $103.15. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $616.59 million, a P/E ratio of -0.37 and a beta of 1.59.

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). The company 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 company’s revenue for the quarter 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. On average, research analysts anticipate that SolarEdge Technologies, Inc. will post -17.69 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Swiss National Bank increased its stake in SolarEdge Technologies by 0.5% during 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 in the last quarter. ProShare Advisors LLC boosted its holdings in shares of SolarEdge Technologies by 24.9% in the first quarter. ProShare Advisors LLC now owns 10,030 shares of the semiconductor company’s stock worth $712,000 after buying an additional 1,997 shares during the last quarter. State Board of Administration of Florida Retirement System purchased a new position in shares of SolarEdge Technologies in the first quarter worth approximately $236,000. Trillium Asset Management LLC boosted its holdings in shares of SolarEdge Technologies by 1.6% in the first quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock worth $1,960,000 after buying an additional 427 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in SolarEdge Technologies by 2.8% during the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after purchasing an additional 62,942 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SEDG has been the topic of a number of research analyst reports. Morgan Stanley reissued an “underweight” rating and issued a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a report on Friday. BMO Capital Markets decreased their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a report on Thursday, November 7th. JPMorgan Chase & Co. decreased their price target on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Jefferies Financial Group lowered shares of 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 report on Tuesday, September 17th. Finally, Canaccord Genuity Group decreased their price target on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Ten research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $22.79.

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.