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

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $13.35, but opened at $12.82. SolarEdge Technologies shares last traded at $12.82, with a volume of 734,597 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. TD Cowen lowered their price objective on shares of SolarEdge Technologies from $16.00 to $11.00 and set a "hold" rating on the stock in a research note on Thursday, November 7th. Roth Mkm decreased their price target on shares of SolarEdge Technologies from $20.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. Royal Bank of Canada reduced their price objective on SolarEdge Technologies from $35.00 to $25.00 and set a "sector perform" rating for the company in a research note on Tuesday, October 15th. Guggenheim upgraded SolarEdge Technologies from a "sell" rating to a "neutral" rating in a research report on Wednesday, November 20th. Finally, William Blair began coverage on SolarEdge Technologies in a report on Thursday, August 29th. They set a "market perform" rating for the company. Nine equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, SolarEdge Technologies currently has a consensus rating of "Hold" and an average price target of $22.04.

SolarEdge Technologies Stock Down 7.7 %

The business's 50 day simple moving average is $15.24 and its 200 day simple moving average is $23.41. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $713.94 million, a PE ratio of -0.42 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share 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 the consensus estimate of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company's revenue was down 64.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.03) earnings per share. On average, equities research analysts forecast that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current year.

Insider Buying and Selling

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the company's stock in a transaction on Monday, November 11th. The stock was acquired at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares of the company's stock, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently modified their holdings of SEDG. Quarry LP purchased a new stake in shares of SolarEdge Technologies in the second quarter valued at approximately $36,627,000. Marshall Wace LLP lifted its holdings in shares of SolarEdge Technologies by 425.1% in the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company's stock worth $14,044,000 after buying an additional 450,081 shares during the period. Soros Fund Management LLC bought a new position in shares of SolarEdge Technologies during the 3rd quarter worth $5,293,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of SolarEdge Technologies by 683.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company's stock valued at $5,786,000 after buying an additional 220,304 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in shares of SolarEdge Technologies by 1,634.6% in the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company's stock valued at $4,911,000 after acquiring an additional 202,010 shares in the last quarter. 95.10% of the stock is owned by institutional investors.

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.