SolarEdge Technologies (NASDAQ:SEDG) Shares Down 8.5% - Time to Sell?

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s stock price was down 8.5% during trading on Wednesday . The company traded as low as $16.11 and last traded at $15.81. Approximately 865,865 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 4,044,840 shares. The stock had previously closed at $17.29.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. The Goldman Sachs Group boosted their target price on SolarEdge Technologies from $21.00 to $31.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Barclays raised their target price on SolarEdge Technologies from $7.00 to $10.00 and gave the company an "underweight" rating in a report on Tuesday, January 14th. Susquehanna upped their price target on shares of SolarEdge Technologies from $13.00 to $17.00 and gave the stock a "neutral" rating in a research note on Thursday, February 20th. Piper Sandler raised their price objective 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. Finally, Canaccord Genuity Group boosted their price objective on shares of SolarEdge Technologies from $18.00 to $19.00 and gave the stock a "hold" rating in a report on Thursday, February 20th. Ten equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $21.80.

Remove Ads

SolarEdge Technologies Stock Performance

The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46. The firm has a market cap of $931.71 million, a PE ratio of -0.51 and a beta of 1.78. The stock has a 50-day moving average price of $15.64 and a 200 day moving average price of $15.98.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery purchased 30,000 shares of the 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 acquisition, the chairman now owns 274,478 shares in the company, valued at approximately $3,760,348.60. This trade represents a 12.27 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.67% of the company's stock.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently modified their holdings of SEDG. Point72 Asset Management L.P. acquired a new position in SolarEdge Technologies during the 4th quarter worth approximately $17,909,000. Ion Asset Management Ltd. acquired a new position in shares of SolarEdge Technologies during the fourth quarter worth $12,005,000. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in shares of SolarEdge Technologies by 14.9% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company's stock valued at $67,370,000 after purchasing an additional 641,915 shares during the period. Assenagon Asset Management S.A. grew its holdings in SolarEdge Technologies by 182.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company's stock valued at $11,888,000 after purchasing an additional 564,490 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in SolarEdge Technologies by 67.6% during the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company's stock worth $17,262,000 after buying an additional 512,035 shares during the period. 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.