SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped down prior to trading on Monday . The stock had previously closed at $13.35, but opened at $12.82. SolarEdge Technologies shares last traded at $12.82, with a volume of 734,597 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Piper Sandler cut shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $17.00 to $9.00 in a report on Thursday, November 7th. TD Cowen dropped their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, November 7th. Glj Research reissued a “sell” rating and issued a $3.90 price objective on shares of SolarEdge Technologies in a report on Friday, November 29th. Royal Bank of Canada lowered their price objective on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 15th. Finally, William Blair began coverage on shares of SolarEdge Technologies in a research note on Thursday, August 29th. They issued a “market perform” rating for the company. Eight equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, SolarEdge Technologies currently has a consensus rating of “Hold” and an average price target of $22.40.

SolarEdge Technologies Stock Up 16.6 %

The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The stock has a 50 day moving average price of $15.08 and a 200-day moving average price of $23.15. The stock has a market capitalization of $832.74 million, a P/E ratio of -0.49 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same quarter in the previous year, the firm posted ($1.03) EPS. The business’s revenue for the quarter was down 64.0% compared to the same quarter last year. As a group, research analysts expect that SolarEdge Technologies, Inc. will post -19.18 EPS for the current fiscal year.

Insider Buying and Selling at SolarEdge Technologies

In related news, Chairman More Avery acquired 156,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.67% of the stock is currently owned by corporate insiders.

Institutional Trading of SolarEdge Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new stake in SolarEdge Technologies during the 2nd quarter valued at about $28,000. KBC Group NV increased its position 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 valued at $65,000 after acquiring an additional 1,378 shares in the last quarter. US Bancorp DE raised its holdings in SolarEdge Technologies by 243.6% in 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. GFG Capital LLC bought a new position in SolarEdge Technologies in the 3rd quarter valued at approximately $229,000. Finally, Magnetar Financial LLC purchased a new stake in SolarEdge Technologies during the 2nd quarter valued at $286,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

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.