SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 5.6% – Time to Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) was up 5.6% during mid-day trading on Wednesday . The stock traded as high as $14.62 and last traded at $14.45. Approximately 449,482 shares changed hands during trading, a decline of 88% from the average daily volume of 3,604,597 shares. The stock had previously closed at $13.69.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SEDG. Royal Bank of Canada cut their target price on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 15th. Bank of America lowered SolarEdge Technologies from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $21.00 to $14.00 in a research note on Thursday, November 7th. Glj Research lowered shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. decreased their price objective on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, Canaccord Genuity Group cut their target price on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Nine equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $22.79.

SolarEdge Technologies Stock Performance

The company has a 50 day simple moving average of $16.95 and a 200-day simple moving average of $26.59. 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) last announced its quarterly earnings data 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). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. During the same quarter last year, the business earned ($1.03) earnings per share. The business’s revenue for the quarter was down 64.0% compared to the same quarter last year. As a group, equities research analysts predict that SolarEdge Technologies, Inc. will post -19.05 EPS for the current fiscal year.

Insider Activity

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the business’s 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 acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new position in SolarEdge Technologies during the 2nd quarter worth $28,000. KBC Group NV grew its position 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 worth $65,000 after acquiring an additional 1,378 shares during the last quarter. State Board of Administration of Florida Retirement System acquired a new stake in shares of SolarEdge Technologies in the 1st quarter worth about $236,000. First Pacific Financial lifted its position in SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 1,805 shares during the last quarter. Finally, US Bancorp DE boosted its stake in SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after purchasing an additional 4,834 shares during the period. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.