SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Here’s What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped up prior to trading on Wednesday . The stock had previously closed at $16.93, but opened at $22.77. SolarEdge Technologies shares last traded at $21.33, with a volume of 9,086,300 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently commented on SEDG shares. Truist Financial decreased their price objective on shares of SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, January 16th. Mizuho lowered SolarEdge Technologies from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $35.00 to $11.00 in a research note on Thursday, November 7th. Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Bank of America downgraded SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $21.00 to $14.00 in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. dropped their price target on SolarEdge Technologies from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Eight 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $20.84.

SolarEdge Technologies Trading Up 28.2 %

The business has a 50 day simple moving average of $14.30 and a 200-day simple moving average of $17.27. 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 has a market capitalization of $1.26 billion, a price-to-earnings ratio of -0.75 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported ($3.97) EPS for the quarter, missing the consensus estimate of ($1.52) by ($2.45). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. On average, equities analysts predict that SolarEdge Technologies, Inc. will post -22.99 earnings per share for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millstone Evans Group LLC purchased a new stake in shares of SolarEdge Technologies during the 4th quarter worth about $27,000. Jones Financial Companies Lllp raised its stake in shares of SolarEdge Technologies by 401.2% in the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 1,954 shares during the period. Y.D. More Investments Ltd lifted its holdings in shares of SolarEdge Technologies by 251.8% during the 4th quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 2,770 shares in the last quarter. R Squared Ltd acquired a new stake in SolarEdge Technologies in the 4th quarter valued at $61,000. Finally, KBC Group NV raised its position in SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after purchasing an additional 1,378 shares during the period. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.