SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up - Time to Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $12.10, but opened at $12.75. SolarEdge Technologies shares last traded at $13.72, with a volume of 922,463 shares traded.

Analyst Upgrades and Downgrades

SEDG has been the topic of a number of analyst reports. BMO Capital Markets cut SolarEdge Technologies from a "market perform" rating to an "underperform" rating and raised their target price for the company from $13.00 to $15.00 in a research report on Thursday, February 20th. Truist Financial dropped their target price on shares of SolarEdge Technologies from $15.00 to $14.00 and set a "hold" rating on the stock in a research report on Thursday, January 16th. Susquehanna reduced their price target on shares of SolarEdge Technologies from $17.00 to $12.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Wells Fargo & Company decreased their price target on shares of SolarEdge Technologies from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 27th. Finally, Roth Mkm boosted their price objective on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday, February 21st. Eleven investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $16.82.

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 company has a market cap of $718.73 million, a price-to-earnings ratio of -0.39 and a beta of 1.63. The firm has a 50 day simple moving average of $15.43 and a 200-day simple moving average of $14.97.

Insider Buying and Selling

In related news, Chairman More Avery acquired 30,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average price of $13.70 per share, with a total value of $411,000.00. Following the transaction, the chairman now owns 274,478 shares of the company's stock, valued at approximately $3,760,348.60. This trade represents a 12.27 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.67% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SEDG. Geode Capital Management LLC raised its holdings in shares of SolarEdge Technologies by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company's stock valued at $16,227,000 after buying an additional 25,474 shares during the period. Tidal Investments LLC increased its stake in SolarEdge Technologies by 19.7% during the third quarter. Tidal Investments LLC now owns 63,862 shares of the semiconductor company's stock worth $1,463,000 after purchasing an additional 10,515 shares during the period. GAMMA Investing LLC increased its stake in SolarEdge Technologies by 655.2% during the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company's stock worth $72,000 after purchasing an additional 4,567 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of SolarEdge Technologies by 182.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company's stock worth $11,888,000 after purchasing an additional 564,490 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of SolarEdge Technologies by 592.3% in the fourth quarter. SG Americas Securities LLC now owns 137,736 shares of the semiconductor company's stock valued at $1,873,000 after purchasing an additional 117,841 shares during the period. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.