SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 4.9% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SEDG. Glj Research raised shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. Royal Bank of Canada decreased their price objective on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 15th. Piper Sandler downgraded shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $17.00 to $9.00 in a report on Thursday, November 7th. Mizuho cut SolarEdge Technologies from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $35.00 to $11.00 in a research note on Thursday, November 7th. Finally, Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $21.00 to $14.00 in a research note on Thursday, November 7th. Eight analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $20.84.

SolarEdge Technologies Trading Up 8.1 %

The company has a market cap of $850.71 million, a price-to-earnings ratio of -0.51 and a beta of 1.56. 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 business’s fifty day simple moving average is $13.96 and its two-hundred day simple moving average is $18.92.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly 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 company 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. SolarEdge Technologies’s revenue was down 64.0% compared to the same quarter last year. On average, equities analysts predict that SolarEdge Technologies, Inc. will post -23.2 EPS for the current year.

Insider Activity at SolarEdge Technologies

In other news, Chairman More Avery acquired 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, with a total value 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 $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Several institutional investors and hedge funds have recently bought and sold shares of SEDG. R Squared Ltd purchased a new position in SolarEdge Technologies during the 4th quarter worth $61,000. KBC Group NV grew its holdings in shares of SolarEdge Technologies by 95.8% during the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after buying an additional 1,378 shares during the last quarter. GAMMA Investing LLC increased its position in SolarEdge Technologies by 655.2% in the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock valued at $72,000 after acquiring an additional 4,567 shares during the period. US Bancorp DE raised its stake in SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after acquiring an additional 4,834 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in SolarEdge Technologies during the 4th quarter worth approximately $227,000. 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.