SolarEdge Technologies (NASDAQ:SEDG) Trading Up 6.5% – Should You Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares were up 6.5% on Monday . The company traded as high as $19.12 and last traded at $18.84. Approximately 1,794,064 shares were traded during trading, a decline of 46% from the average daily volume of 3,312,899 shares. The stock had previously closed at $17.69.

Analyst Ratings Changes

A number of research analysts recently weighed in on SEDG shares. Piper Sandler lowered their target price on shares of SolarEdge Technologies from $25.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Scotiabank lowered their target price on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Bank of America reduced their price target on shares of SolarEdge Technologies from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Glj Research downgraded shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. Finally, The Goldman Sachs Group reduced their price target on shares of SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a report on Friday, August 9th. Seven equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $29.88.

SolarEdge Technologies Stock Performance

The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average is $20.05 and its 200 day moving average is $31.95. The stock has a market capitalization of $1.04 billion, a PE ratio of -2.11 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The company had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. SolarEdge Technologies’s quarterly revenue was down 73.2% on a year-over-year basis. During the same period last year, the firm earned $2.06 earnings per share. On average, equities research analysts predict that SolarEdge Technologies, Inc. will post -8.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Several large investors have recently added to or reduced their stakes in the stock. Trillium Asset Management LLC boosted its position in SolarEdge Technologies by 1.6% in the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock valued at $1,960,000 after buying an additional 427 shares during the period. Yelin Lapidot Holdings Management Ltd. boosted its position in SolarEdge Technologies by 5.1% in the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after buying an additional 564 shares during the period. Texas Permanent School Fund Corp boosted its position in SolarEdge Technologies by 1.2% in the 1st quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock valued at $3,525,000 after buying an additional 585 shares during the period. Swiss National Bank lifted its position in shares of SolarEdge Technologies by 0.5% in the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after purchasing an additional 600 shares during the period. Finally, Louisiana State Employees Retirement System lifted its position in shares of SolarEdge Technologies by 2.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock worth $727,000 after purchasing an additional 700 shares during the period. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.