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

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) 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 traded.

Wall Street Analysts Forecast Growth

SEDG has been the topic of a number of recent research reports. Wells Fargo & Company increased their price objective on SolarEdge Technologies from $15.00 to $19.00 and gave the company an “equal weight” rating in a research report on Tuesday. TD Cowen decreased their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. StockNews.com raised SolarEdge Technologies to a “sell” rating in a report on Friday, November 8th. Glj Research raised shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. 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 given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $21.32.

SolarEdge Technologies Stock Up 8.0 %

The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -0.61 and a beta of 1.56. 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 firm’s fifty day simple moving average is $14.13 and its 200 day simple moving average is $19.95.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The company had revenue of $260.90 million during 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 company’s revenue was down 64.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.03) earnings per share. On average, sell-side analysts forecast that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current year.

Insider Activity

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the stock in a transaction dated Monday, November 11th. The shares were bought 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 approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. KBC Group NV lifted its position in SolarEdge Technologies by 95.8% during the 3rd 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. GAMMA Investing LLC increased its position in shares of SolarEdge Technologies by 655.2% in the fourth 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 raised its holdings in SolarEdge Technologies by 243.6% during the third 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 in the last quarter. GFG Capital LLC acquired a new position in SolarEdge Technologies during the third quarter valued at approximately $229,000. Finally, Y Intercept Hong Kong Ltd bought a new position in SolarEdge Technologies in the third quarter valued at approximately $278,000. 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.