SolarEdge Technologies (NASDAQ:SEDG) Trading Down 2.6% – Should You Sell?

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price dropped 2.6% during mid-day trading on Thursday . The company traded as low as $14.31 and last traded at $14.44. Approximately 533,902 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 3,720,005 shares. The stock had previously closed at $14.83.

Wall Street Analyst Weigh In

Several analysts have issued reports on SEDG shares. Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $21.00 to $14.00 in a research note on Thursday, November 7th. The Goldman Sachs Group raised shares of SolarEdge Technologies from a “sell” rating to a “buy” rating and increased their target price for the company from $10.00 to $19.00 in a research note on Tuesday, December 17th. Jefferies Financial Group lowered shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and decreased their target price for the company from $27.00 to $17.00 in a research note on Tuesday, September 17th. Piper Sandler lowered 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, JPMorgan Chase & Co. reduced their price target on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Seven analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, SolarEdge Technologies has an average rating of “Hold” and a consensus price target of $22.40.

SolarEdge Technologies Stock Performance

The business has a fifty day simple moving average of $14.48 and a two-hundred day simple moving average of $21.68. The company has a market cap of $863.46 million, a P/E ratio of -0.51 and a beta of 1.56. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. During the same period in the prior year, the company posted ($1.03) earnings per share. The firm’s quarterly revenue was down 64.0% on a year-over-year basis. On average, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -19.18 EPS for the current year.

Insiders Place Their Bets

In other news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was purchased at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in SEDG. Quarry LP purchased a new position in SolarEdge Technologies in the 2nd quarter worth approximately $36,627,000. Two Sigma Advisers LP boosted its position in shares of SolarEdge Technologies by 0.3% during the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after acquiring an additional 3,400 shares during the last quarter. M&G PLC grew its stake in SolarEdge Technologies by 4.2% during the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock valued at $21,452,000 after acquiring an additional 38,001 shares in the last quarter. Geode Capital Management LLC lifted its stake in SolarEdge Technologies by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after purchasing an additional 25,474 shares in the last quarter. Finally, Meitav Investment House Ltd. boosted its holdings in shares of SolarEdge Technologies by 9.6% during the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after purchasing an additional 51,065 shares during the last quarter. Institutional investors 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.