SolarEdge Technologies (NASDAQ:SEDG) Trading 5.6% Higher – Still a Buy?

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) rose 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.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SEDG. TD Cowen reduced their target price on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, November 7th. William Blair began coverage on SolarEdge Technologies in a report on Thursday, August 29th. They issued a “market perform” rating for the company. Citigroup cut their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. BMO Capital Markets decreased their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research note on Thursday, November 7th. Finally, Scotiabank dropped their price objective 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. Nine analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $22.79.

SolarEdge Technologies Stock Up 8.5 %

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 firm has a fifty day moving average of $16.95 and a 200-day moving average of $26.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results 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 firm 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 quarterly revenue was down 64.0% compared to the same quarter last year. During the same period last year, the firm earned ($1.03) EPS. As a group, research analysts predict that SolarEdge Technologies, Inc. will post -19.05 earnings per share for the current year.

Insider Activity

In other news, Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were bought at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the purchase, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. AMG National Trust Bank acquired a new position in SolarEdge Technologies in the 3rd quarter valued at $4,055,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of SolarEdge Technologies by 683.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after purchasing an additional 220,304 shares during the period. Mizuho Markets Americas LLC lifted its position in SolarEdge Technologies by 653.4% during the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock worth $4,315,000 after buying an additional 163,340 shares during the period. Meitav Investment House Ltd. lifted its position in SolarEdge Technologies by 9.6% during the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after buying an additional 51,065 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new stake in SolarEdge Technologies in the 3rd quarter worth about $1,495,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.