SolarEdge Technologies (NASDAQ:SEDG) Shares Up 6.3% - Still a Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shares rose 6.3% during mid-day trading on Monday . The company traded as high as $13.61 and last traded at $13.93. Approximately 1,322,770 shares changed hands during trading, a decline of 67% from the average daily volume of 4,027,585 shares. The stock had previously closed at $13.10.

Wall Street Analysts Forecast Growth

SEDG has been the topic of a number of research reports. Canaccord Genuity Group raised their price target on SolarEdge Technologies from $16.00 to $18.00 and gave the company a "hold" rating in a research report on Tuesday, January 7th. The Goldman Sachs Group lifted their price target on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the company a "buy" rating in a report on Tuesday, January 7th. Truist Financial lowered their target price on SolarEdge Technologies from $15.00 to $14.00 and set a "hold" rating for the company in a research note on Thursday, January 16th. Mizuho cut SolarEdge Technologies from an "outperform" rating to a "neutral" rating and dropped their price target for the stock from $35.00 to $11.00 in a research report on Thursday, November 7th. Finally, UBS Group cut their price target on shares of SolarEdge Technologies from $26.00 to $18.00 and set a "neutral" rating on the stock in a report on Friday, November 8th. Eight equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $20.84.

SolarEdge Technologies Stock Down 3.2 %

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 firm's fifty day moving average is $14.16 and its 200-day moving average is $17.91.

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 (EPS) for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The company had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm's revenue for the quarter was down 64.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.03) earnings per share. On average, equities research analysts expect that SolarEdge Technologies, Inc. will post -23.19 EPS for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery acquired 156,000 shares of the stock in a transaction on Monday, November 11th. The shares were purchased at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the purchase, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its stake in SolarEdge Technologies by 401.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 1,954 shares during the last quarter. Y.D. More Investments Ltd boosted its holdings in 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 period. R Squared Ltd purchased a new position in SolarEdge Technologies during the fourth quarter worth about $61,000. KBC Group NV raised its position in shares of SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company's stock valued at $65,000 after buying an additional 1,378 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company's stock worth $72,000 after buying an additional 4,567 shares in 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.