SolarEdge Technologies (NASDAQ:SEDG) Trading Up 6.3% - Here's Why

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) rose 6.3% during trading on Monday . The stock traded as high as $13.61 and last traded at $13.93. Approximately 1,322,770 shares were traded 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. TD Cowen dropped their target price on shares of SolarEdge Technologies from $16.00 to $11.00 and set a "hold" rating on the stock in a research report on Thursday, November 7th. Morgan Stanley reaffirmed an "underweight" rating and set a $9.00 price objective (down previously from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. Guggenheim upgraded SolarEdge Technologies from a "sell" rating to a "neutral" rating in a research report on Wednesday, November 20th. StockNews.com raised SolarEdge Technologies to a "sell" rating in a research report on Friday, November 8th. Finally, Mizuho cut shares of SolarEdge Technologies from an "outperform" rating to a "neutral" rating and dropped their price objective for the company from $35.00 to $11.00 in a research note on Thursday, November 7th. Eight research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $20.84.

SolarEdge Technologies Stock Performance

The stock's 50-day moving average price is $14.19 and its 200 day moving average price is $18.05. The firm has a market cap of $855.34 million, a P/E ratio of -0.51 and a beta of 1.56. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.55) by ($13.78). The company had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. SolarEdge Technologies's revenue was down 64.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.03) EPS. As a group, equities analysts predict that SolarEdge Technologies, Inc. will post -23.19 EPS for the current year.

Insider Activity

In other SolarEdge Technologies news, Chairman More Avery purchased 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, with a total value of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its position in shares of SolarEdge Technologies by 182.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company's stock valued at $11,888,000 after purchasing an additional 564,490 shares during the period. Soros Fund Management LLC bought a new position in SolarEdge Technologies in the 3rd quarter valued at about $5,293,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in SolarEdge Technologies by 683.1% during 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 acquiring an additional 220,304 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of SolarEdge Technologies by 1,634.6% during the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company's stock worth $4,911,000 after acquiring an additional 202,010 shares during the period. Finally, E. Ohman J or Asset Management AB boosted its stake in SolarEdge Technologies by 109.3% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company's stock valued at $8,559,000 after purchasing an additional 195,085 shares during the period. 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.