SolarEdge Technologies (NASDAQ:SEDG) Shares Up 9.5% - Here's What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shares were up 9.5% during trading on Thursday . The stock traded as high as $15.34 and last traded at $14.89. Approximately 1,540,424 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 3,731,670 shares. The stock had previously closed at $13.60.

Analysts Set New Price Targets

Several analysts have commented on the stock. 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. Susquehanna dropped their target price on shares of SolarEdge Technologies from $20.00 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group raised shares of SolarEdge Technologies from a "sell" rating to a "buy" rating and boosted their price objective for the company from $10.00 to $19.00 in a report on Tuesday, December 17th. UBS Group lowered their price target on SolarEdge Technologies from $26.00 to $18.00 and set a "neutral" rating for the company in a research report on Friday, November 8th. Finally, Roth Mkm reduced their price objective on SolarEdge Technologies from $20.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Seven analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, SolarEdge Technologies currently has an average rating of "Hold" and an average price target of $22.40.

SolarEdge Technologies Trading Up 8.8 %

The company has a fifty day moving average price of $14.16 and a two-hundred day moving average price of $20.62. The firm has a market capitalization of $857.66 million, a price-to-earnings ratio of -0.51 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly 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 during the quarter, compared to analysts' expectations of $272.80 million. During the same period last year, the company earned ($1.03) EPS. The business's quarterly revenue was down 64.0% on a year-over-year basis. As a group, research analysts forecast that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In other news, Chairman More Avery bought 156,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now directly owns 244,478 shares of the company's stock, valued at $3,337,124.70. The trade was a 176.32 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.67% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Quarry LP acquired a new stake in SolarEdge Technologies in the 2nd quarter valued at about $36,627,000. Two Sigma Advisers LP grew its holdings in SolarEdge Technologies by 0.3% during the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company's stock worth $26,166,000 after acquiring an additional 3,400 shares in the last quarter. M&G PLC increased its position in shares of SolarEdge Technologies by 4.2% in the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company's stock valued at $21,452,000 after purchasing an additional 38,001 shares during the last quarter. 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 purchasing an additional 25,474 shares in the last quarter. Finally, Meitav Investment House Ltd. lifted its position in shares of SolarEdge Technologies by 9.6% during the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company's stock worth $13,340,000 after purchasing an additional 51,065 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.