SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 10.6% - Time to Buy?

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company decreased their price target on shares of SolarEdge Technologies from $19.00 to $15.00 and set an "equal weight" rating for the company in a report on Wednesday, January 8th. UBS Group decreased their target price on SolarEdge Technologies from $26.00 to $18.00 and set a "neutral" rating for the company in a research note on Friday, November 8th. BMO Capital Markets dropped their price target on SolarEdge Technologies from $21.00 to $12.00 and set a "market perform" rating on the stock in a research report on Thursday, November 7th. Piper Sandler cut shares of SolarEdge Technologies from a "neutral" rating to an "underweight" rating and cut their price objective for the company from $17.00 to $9.00 in a research report on Thursday, November 7th. 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 analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $20.84.

SolarEdge Technologies Stock Performance

The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The stock's 50-day simple moving average is $14.20 and its 200-day simple moving average is $17.40. The stock has a market cap of $948.06 million, a price-to-earnings ratio of -0.56 and a beta of 1.56.

Institutional Investors Weigh In On SolarEdge Technologies

A number of large investors have recently added to or reduced their stakes in SEDG. AMG National Trust Bank acquired a new position in SolarEdge Technologies in the 3rd quarter valued at $4,055,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of SolarEdge Technologies by 683.1% in 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 purchasing an additional 220,304 shares during the period. Mizuho Markets Americas LLC lifted its position in 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 purchasing an additional 163,340 shares during the period. Meitav Investment House Ltd. grew its stake in SolarEdge Technologies by 9.6% during the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company's stock worth $13,340,000 after buying an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in SolarEdge Technologies in the 3rd quarter valued at about $1,495,000. Institutional investors and hedge funds own 95.10% of the company's stock.

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.