SolarEdge Technologies (NASDAQ:SEDG) Stock Price Down 3.7% – Should You Sell?

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) traded down 3.7% on Wednesday . The company traded as low as $13.09 and last traded at $13.19. 498,496 shares changed hands during trading, a decline of 88% from the average session volume of 4,285,154 shares. The stock had previously closed at $13.70.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SEDG shares. Mizuho downgraded shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $35.00 to $11.00 in a research note on Thursday, November 7th. Glj Research raised SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. 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. StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Finally, Truist Financial cut their price target on shares of SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, January 16th. Eight investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $21.24.

SolarEdge Technologies Trading Down 4.7 %

The firm has a market cap of $756.83 million, a PE ratio of -0.45 and a beta of 1.56. The business has a 50-day moving average price of $13.85 and a two-hundred day moving average price of $19.14. 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) last issued 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). The company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company’s revenue for the quarter was down 64.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.03) earnings per share. Analysts forecast that SolarEdge Technologies, Inc. will post -23.2 EPS for the current year.

Insider Activity at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the stock in a transaction dated Monday, November 11th. The stock was acquired 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 approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. KBC Group NV increased its position in shares of SolarEdge Technologies by 95.8% in 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 in the last quarter. GAMMA Investing LLC grew its stake in SolarEdge Technologies by 655.2% during the 4th 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 during the last quarter. US Bancorp DE lifted its position in SolarEdge Technologies by 243.6% in 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 last quarter. GFG Capital LLC acquired a new position in shares of SolarEdge Technologies during the third quarter worth approximately $229,000. Finally, Magnetar Financial LLC bought a new position in shares of SolarEdge Technologies in the second quarter worth $286,000. 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.