SolarEdge Technologies (NASDAQ:SEDG) Shares Up 7.6% on Insider Buying Activity

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) shot up 7.6% during trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $13.04 and last traded at $13.02. 4,470,228 shares changed hands during mid-day trading, an increase of 26% from the average session volume of 3,533,835 shares. The stock had previously closed at $12.10.

Specifically, Chairman More Avery purchased 156,000 shares of the company’s stock in a transaction dated 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 purchase, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SEDG shares. UBS Group lowered their price objective on shares of SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Roth Mkm lowered their price objective on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Barclays lowered their price objective on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a research report on Friday. Citigroup lowered their price objective on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Finally, William Blair assumed coverage on shares of SolarEdge Technologies in a research report on Thursday, August 29th. They issued a “market perform” rating for the company. Ten research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $22.79.

SolarEdge Technologies Stock Down 17.1 %

The firm’s 50-day moving average price is $18.19 and its 200 day moving average price is $29.31. The firm has a market capitalization of $616.59 million, a price-to-earnings ratio of -0.37 and a beta of 1.59. 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 announced its quarterly earnings data 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 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 previous year, the company posted ($1.03) EPS. Sell-side analysts expect that SolarEdge Technologies, Inc. will post -17.69 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently modified their holdings of SEDG. Swiss National Bank lifted its stake in shares of SolarEdge Technologies by 0.5% during the first quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock valued at $7,957,000 after buying an additional 600 shares during the period. ProShare Advisors LLC raised its stake in SolarEdge Technologies by 24.9% during the first quarter. ProShare Advisors LLC now owns 10,030 shares of the semiconductor company’s stock worth $712,000 after purchasing an additional 1,997 shares during the period. State Board of Administration of Florida Retirement System purchased a new position in SolarEdge Technologies during the first quarter worth approximately $236,000. Vanguard Group Inc. raised its stake 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 worth $166,618,000 after purchasing an additional 62,942 shares during the period. Finally, UniSuper Management Pty Ltd raised its stake in SolarEdge Technologies by 2.0% during the first quarter. UniSuper Management Pty Ltd now owns 549,163 shares of the semiconductor company’s stock worth $38,980,000 after purchasing an additional 10,866 shares during the period. 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.