SolarEdge Technologies (NASDAQ:SEDG) Trading Up 10.6% – Should You Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price was up 10.6% on Thursday . The stock traded as high as $14.38 and last traded at $14.70. Approximately 1,096,829 shares were traded during trading, a decline of 70% from the average daily volume of 3,688,348 shares. The stock had previously closed at $13.29.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, January 7th. Morgan Stanley reissued an “underweight” rating and issued a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a research note on Friday, November 15th. StockNews.com raised SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. cut their target price on SolarEdge Technologies from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Finally, TD Cowen cut their target price 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. Eight analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $20.84.

SolarEdge Technologies Stock Performance

The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The business has a 50 day moving average price of $14.08 and a two-hundred day moving average price of $17.64. The company has a market cap of $870.93 million, a P/E ratio of -0.52 and a beta of 1.56.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. AMG National Trust Bank purchased a new stake in shares of SolarEdge Technologies in the 3rd quarter worth approximately $4,055,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in SolarEdge Technologies by 683.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after purchasing an additional 220,304 shares during the last quarter. Mizuho Markets Americas LLC lifted its holdings in shares of SolarEdge Technologies by 653.4% during the 3rd quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock valued at $4,315,000 after buying an additional 163,340 shares during the period. Meitav Investment House Ltd. lifted its holdings in shares of SolarEdge Technologies by 9.6% during the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after buying an additional 51,065 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of SolarEdge Technologies during the 3rd quarter valued at $1,495,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.