SolarEdge Technologies (NASDAQ:SEDG) Trading Up 10.6% - Here's What Happened

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) rose 10.6% during mid-day trading on Thursday . The company traded as high as $14.38 and last traded at $14.70. Approximately 1,096,829 shares changed hands during trading, a decline of 70% from the average daily volume of 3,688,348 shares. The stock had previously closed at $13.29.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Morgan Stanley reissued an "underweight" rating and set a $9.00 target price (down previously from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. Truist Financial reduced 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 note on Thursday, January 16th. Citigroup reaffirmed a "sell" rating and set a $9.00 price target (down from $12.00) on shares of SolarEdge Technologies in a research note on Wednesday, January 8th. Barclays increased their price objective on shares of SolarEdge Technologies from $7.00 to $10.00 and gave the stock an "underweight" rating in a research report on Tuesday, January 14th. Finally, Bank of America lowered SolarEdge Technologies from a "neutral" rating to an "underperform" rating and dropped their target price for the company from $21.00 to $14.00 in a research report on Thursday, November 7th. Eight investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $20.84.

SolarEdge Technologies Stock Performance

The firm's 50 day moving average is $14.40 and its 200 day moving average is $17.29. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The stock has a market cap of $1.14 billion, a P/E ratio of -0.68 and a beta of 1.56.

Institutional Trading of SolarEdge Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millstone Evans Group LLC acquired a new position in SolarEdge Technologies during the 4th quarter valued at about $27,000. Jones Financial Companies Lllp grew its stake in shares of SolarEdge Technologies by 401.2% during the fourth quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock worth $33,000 after acquiring an additional 1,954 shares during the last quarter. KBC Group NV increased its holdings in shares of SolarEdge Technologies by 95.8% during the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company's stock valued at $65,000 after acquiring an additional 1,378 shares in the last quarter. Y.D. More Investments Ltd raised its position in shares of SolarEdge Technologies by 251.8% in the 4th quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company's stock valued at $53,000 after purchasing an additional 2,770 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in SolarEdge Technologies in the 4th quarter worth approximately $61,000. Hedge funds and other 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.