SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Here’s What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up prior to trading on Monday . The stock had previously closed at $11.88, but opened at $12.57. SolarEdge Technologies shares last traded at $13.18, with a volume of 418,497 shares changing hands.

Wall Street Analysts Forecast Growth

SEDG has been the subject of a number of recent analyst reports. The Goldman Sachs Group cut their target price on SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a research report on Thursday, November 7th. Royal Bank of Canada cut their price objective on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 15th. Mizuho cut shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $35.00 to $11.00 in a research report on Thursday, November 7th. JPMorgan Chase & Co. reduced their price target on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, William Blair initiated coverage on shares of SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating for the company. Nine equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Price Performance

The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The business’s 50-day simple moving average is $17.26 and its two-hundred day simple moving average is $26.93.

SolarEdge Technologies (NASDAQ:SEDG) last released 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 firm had revenue of $260.90 million during the quarter, compared to analyst estimates 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 quarterly revenue was down 64.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.03) EPS. On average, sell-side analysts expect that SolarEdge Technologies, Inc. will post -19.05 EPS for the current year.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was purchased at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several large investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new stake in shares of SolarEdge Technologies in the second quarter worth approximately $28,000. KBC Group NV grew its holdings in 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 in the last quarter. First Pacific Financial lifted its stake in SolarEdge Technologies by 53.0% during the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after acquiring an additional 1,805 shares in the last quarter. US Bancorp DE boosted its holdings in SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after acquiring an additional 4,834 shares during the last quarter. Finally, GFG Capital LLC purchased a new stake in shares of SolarEdge Technologies in the third quarter valued at about $229,000. 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.