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

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $12.32, but opened at $14.68. SolarEdge Technologies shares last traded at $14.94, with a volume of 3,543,613 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SEDG. Citigroup lowered their target price on SolarEdge Technologies from $31.00 to $19.00 and set a "neutral" rating for the company in a report on Tuesday, October 22nd. Jefferies Financial Group cut SolarEdge Technologies from a "hold" rating to an "underperform" rating and decreased their price objective for the stock from $27.00 to $17.00 in a research note on Tuesday, September 17th. Roth Mkm cut their target price on SolarEdge Technologies from $20.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Truist Financial decreased their price target on shares of SolarEdge Technologies from $20.00 to $15.00 and set a "hold" rating for the company in a research report on Friday, November 8th. Finally, Barclays lowered their price target on shares of SolarEdge Technologies from $17.00 to $7.00 and set an "underperform" rating on the stock in a report on Friday, November 15th. Eight equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $22.40.

SolarEdge Technologies Stock Up 16.6 %

The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $832.74 million, a price-to-earnings ratio of -0.49 and a beta of 1.56. The business's 50-day moving average is $15.08 and its 200-day moving average is $23.15.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its earnings results 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). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm had revenue of $260.90 million for the quarter, compared to analysts' expectations of $272.80 million. During the same period last year, the firm earned ($1.03) earnings per share. SolarEdge Technologies's revenue for the quarter was down 64.0% compared to the same quarter last year. As a group, equities analysts predict that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman More Avery purchased 156,000 shares of the business's stock in a transaction that occurred on Monday, November 11th. The stock was bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the acquisition, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SEDG. Assenagon Asset Management S.A. raised its holdings in shares of SolarEdge Technologies by 798.2% during the second quarter. Assenagon Asset Management S.A. now owns 197,679 shares of the semiconductor company's stock valued at $4,993,000 after acquiring an additional 175,671 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in SolarEdge Technologies by 2.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company's stock valued at $727,000 after purchasing an additional 700 shares during the last quarter. Slow Capital Inc. lifted its holdings in SolarEdge Technologies by 15.6% in the 2nd quarter. Slow Capital Inc. now owns 45,861 shares of the semiconductor company's stock valued at $1,158,000 after purchasing an additional 6,180 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in SolarEdge Technologies by 23.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 357,830 shares of the semiconductor company's stock worth $9,039,000 after purchasing an additional 68,444 shares during the last quarter. Finally, Meitav Investment House Ltd. boosted its stake in SolarEdge Technologies by 33.1% during the 2nd quarter. Meitav Investment House Ltd. now owns 531,044 shares of the semiconductor company's stock worth $13,412,000 after purchasing an additional 132,068 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.