SolarEdge Technologies (NASDAQ:SEDG) Shares Down 3.7% – Time to Sell?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares fell 3.7% on Wednesday . The stock traded as low as $13.09 and last traded at $13.19. 498,496 shares changed hands during trading, a decline of 88% from the average session volume of 4,285,154 shares. The stock had previously closed at $13.70.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SEDG shares. UBS Group reduced their target price on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. The Goldman Sachs Group upped their price target on SolarEdge Technologies from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. Morgan Stanley reiterated an “underweight” rating and set a $9.00 target price (down from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Susquehanna reduced their price objective on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $17.00 to $9.00 in a research report on Thursday, November 7th. Eight investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.84.

SolarEdge Technologies Trading Up 8.1 %

The company has a fifty day moving average of $13.88 and a two-hundred day moving average of $19.06. The stock has a market capitalization of $850.71 million, a price-to-earnings ratio of -0.51 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 released 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 company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business’s revenue was down 64.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.03) earnings per share. On average, research analysts expect that SolarEdge Technologies, Inc. will post -23.2 EPS for the current year.

Insider Activity

In other news, Chairman More Avery purchased 156,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were purchased at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

Hedge funds have recently bought and sold shares of the stock. KBC Group NV raised its position in 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 purchasing an additional 1,378 shares in the last quarter. R Squared Ltd acquired a new position in shares of SolarEdge Technologies during the fourth quarter worth $61,000. GAMMA Investing LLC lifted its stake in shares of 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 last quarter. US Bancorp DE grew its position 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 acquired a new position in SolarEdge Technologies in the 3rd quarter worth about $229,000. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.