SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Still a Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped up prior to trading on Monday . The stock had previously closed at $15.28, but opened at $17.52. SolarEdge Technologies shares last traded at $18.36, with a volume of 2,418,227 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SEDG. The Goldman Sachs Group raised SolarEdge Technologies from a “sell” rating to a “buy” rating and increased their target price for the stock from $10.00 to $19.00 in a research note on Tuesday, December 17th. Truist Financial cut their target price on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a research note on Friday, November 8th. BMO Capital Markets cut their target price on SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a research note on Thursday, November 7th. Mizuho cut SolarEdge Technologies from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $35.00 to $11.00 in a research note on Thursday, November 7th. Finally, Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, SolarEdge Technologies has an average rating of “Hold” and an average price target of $22.40.

SolarEdge Technologies Price Performance

The firm has a 50 day moving average of $14.14 and a 200-day moving average of $20.19. The company has a market cap of $1.04 billion, a P/E ratio of -0.62 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last issued its 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%. The firm’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same period last year, the business posted ($1.03) EPS. On average, equities research analysts predict that SolarEdge Technologies, Inc. will post -19.18 EPS for the current year.

Insider Activity at SolarEdge Technologies

In other news, Chairman More Avery purchased 156,000 shares of the business’s stock in a transaction on Monday, November 11th. The stock was acquired at an average price 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 of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors have recently added to or reduced their stakes in the company. AMG National Trust Bank purchased a new position in SolarEdge Technologies during the 3rd quarter valued at approximately $4,055,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of SolarEdge Technologies by 683.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after purchasing an additional 220,304 shares during the period. Mizuho Markets Americas LLC boosted its holdings in shares of SolarEdge Technologies by 653.4% in the 3rd quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock worth $4,315,000 after purchasing an additional 163,340 shares during the period. Meitav Investment House Ltd. boosted its holdings in shares of SolarEdge Technologies by 9.6% in the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after purchasing an additional 51,065 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of SolarEdge Technologies in the 3rd quarter worth approximately $1,495,000. 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.