SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up - Here's Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $16.93, but opened at $22.77. SolarEdge Technologies shares last traded at $21.33, with a volume of 9,086,300 shares traded.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Northland Securities lowered shares of SolarEdge Technologies from a "market perform" rating to an "under perform" rating and set a $15.00 target price for the company. in a research report on Thursday. Bank of America lowered shares of SolarEdge Technologies from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $21.00 to $14.00 in a research report on Thursday, November 7th. Susquehanna increased their target price on shares of SolarEdge Technologies from $13.00 to $17.00 and gave the stock a "neutral" rating in a research report on Thursday. BMO Capital Markets lowered shares of SolarEdge Technologies from a "market perform" rating to an "underperform" rating and increased their target price for the stock from $13.00 to $15.00 in a research report on Thursday. Finally, Mizuho lowered shares of SolarEdge Technologies from an "outperform" rating to a "neutral" rating and cut their target price for the stock from $35.00 to $11.00 in a research report on Thursday, November 7th. Ten investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $21.65.

SolarEdge Technologies Price Performance

The stock has a market capitalization of $1.02 billion, a PE ratio of -0.56 and a beta of 1.56. The firm's 50 day simple moving average is $14.50 and its 200 day simple moving average is $17.29. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. PharVision Advisers LLC purchased a new position in shares of SolarEdge Technologies during the fourth quarter worth approximately $256,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of SolarEdge Technologies by 6.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 241,346 shares of the semiconductor company's stock worth $3,282,000 after acquiring an additional 15,549 shares in the last quarter. Voloridge Investment Management LLC raised its stake in shares of SolarEdge Technologies by 1.4% during the fourth quarter. Voloridge Investment Management LLC now owns 866,206 shares of the semiconductor company's stock worth $11,780,000 after acquiring an additional 11,926 shares in the last quarter. Sphera Management Technology Funds Ltd purchased a new position in shares of SolarEdge Technologies in the fourth quarter worth $816,000. Finally, Two Sigma Advisers LP increased its stake in shares of SolarEdge Technologies by 1.6% in the fourth quarter. Two Sigma Advisers LP now owns 1,160,400 shares of the semiconductor company's stock worth $15,781,000 after buying an additional 18,300 shares during the period. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.