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

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $15.28, but opened at $17.52. SolarEdge Technologies shares last traded at $18.36, with a volume of 2,418,227 shares.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. BMO Capital Markets lowered their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a "market perform" rating on the stock in a report on Thursday, November 7th. Piper Sandler lowered shares of SolarEdge Technologies from a "neutral" rating to an "underweight" rating and decreased their target price for the company from $17.00 to $9.00 in a research report on Thursday, November 7th. Susquehanna dropped their price target on shares of SolarEdge Technologies from $20.00 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. Citigroup cut their price target on shares of SolarEdge Technologies from $31.00 to $19.00 and set a "neutral" rating for the company in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group upgraded SolarEdge Technologies from a "sell" rating to a "buy" rating and upped their price objective for the company from $10.00 to $19.00 in a research note on Tuesday, December 17th. Seven equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $22.40.

SolarEdge Technologies Stock Performance

The stock has a market cap of $944.01 million, a P/E ratio of -0.56 and a beta of 1.56. The stock has a fifty day simple moving average of $14.14 and a 200-day simple moving average of $20.19. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released 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). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. During the same period in the previous year, the business earned ($1.03) EPS. The firm's revenue was down 64.0% compared to the same quarter last year. Equities analysts expect that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current fiscal year.

Insider Activity

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the purchase, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.67% of the stock is owned by company insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several large investors have recently made changes to their positions in the stock. AMG National Trust Bank acquired a new position in SolarEdge Technologies in the 3rd quarter worth $4,055,000. Connor Clark & Lunn Investment Management Ltd. boosted its position 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 worth $5,786,000 after buying an additional 220,304 shares during the period. Mizuho Markets Americas LLC grew its holdings in shares of SolarEdge Technologies by 653.4% during the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company's stock worth $4,315,000 after buying an additional 163,340 shares in the last quarter. Meitav Investment House Ltd. raised its position in SolarEdge Technologies by 9.6% in the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company's stock valued at $13,340,000 after buying an additional 51,065 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in SolarEdge Technologies in the 3rd quarter valued at approximately $1,495,000. 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.