SolarEdge Technologies (NASDAQ:SEDG) Shares Down 5.7% - Here's Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) traded down 5.7% during mid-day trading on Tuesday . The stock traded as low as $15.68 and last traded at $15.26. 437,910 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 4,076,875 shares. The stock had previously closed at $16.18.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SEDG shares. BMO Capital Markets cut SolarEdge Technologies from a "market perform" rating to an "underperform" rating and raised their price objective for the stock from $13.00 to $15.00 in a research report on Thursday, February 20th. Northland Securities downgraded SolarEdge Technologies from a "market perform" rating to an "under perform" rating and set a $15.00 price target for the company. in a report on Thursday, February 20th. Canaccord Genuity Group upped their price objective on shares of SolarEdge Technologies from $18.00 to $19.00 and gave the company a "hold" rating in a report on Thursday, February 20th. Morgan Stanley upgraded shares of SolarEdge Technologies from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $11.00 to $18.00 in a research note on Thursday, February 20th. Finally, Piper Sandler upped their price target on shares of SolarEdge Technologies from $9.00 to $10.00 and gave the company an "underweight" rating in a research note on Thursday, February 20th. Ten equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, SolarEdge Technologies has a consensus rating of "Hold" and a consensus price target of $21.80.

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SolarEdge Technologies Stock Down 4.7 %

The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.46 and a current ratio of 1.95. The business's 50 day moving average is $15.86 and its 200-day moving average is $15.83. The stock has a market cap of $864.70 million, a price-to-earnings ratio of -0.47 and a beta of 1.63.

Insider Transactions at SolarEdge Technologies

In other news, Chairman More Avery purchased 30,000 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $13.70 per share, for a total transaction of $411,000.00. Following the completion of the transaction, the chairman now owns 274,478 shares of the company's stock, valued at $3,760,348.60. This trade represents a 12.27 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.67% of the company's stock.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC purchased a new position in shares of SolarEdge Technologies in the fourth quarter worth about $227,000. Assenagon Asset Management S.A. lifted its stake in SolarEdge Technologies by 182.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company's stock worth $11,888,000 after purchasing an additional 564,490 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of SolarEdge Technologies by 38.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 520,928 shares of the semiconductor company's stock worth $7,085,000 after purchasing an additional 144,733 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in shares of SolarEdge Technologies in the fourth quarter valued at approximately $260,000. Finally, SG Americas Securities LLC increased its holdings in shares of SolarEdge Technologies by 592.3% in the fourth quarter. SG Americas Securities LLC now owns 137,736 shares of the semiconductor company's stock valued at $1,873,000 after purchasing an additional 117,841 shares during the last quarter. Institutional investors and hedge funds 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.