SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 6.4%

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price rose 6.4% during mid-day trading on Friday . The stock traded as high as $19.57 and last traded at $19.32. Approximately 649,071 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 3,217,752 shares. The stock had previously closed at $18.15.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SEDG. DZ Bank lowered SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 target price on the stock. in a research report on Wednesday, July 17th. Truist Financial reaffirmed a “hold” rating and issued a $20.00 target price on shares of SolarEdge Technologies in a research report on Tuesday, August 27th. Wells Fargo & Company cut their price target on shares of SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 2nd. JPMorgan Chase & Co. raised their price objective on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. Four analysts have rated the stock with a sell rating, twenty-six have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $51.62.

SolarEdge Technologies Price Performance

The stock has a 50 day moving average of $24.89 and a two-hundred day moving average of $43.96. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. The stock has a market cap of $1.13 billion, a PE ratio of -4.24 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The firm had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. During the same period in the prior year, the business posted $2.06 EPS. The company’s revenue for the quarter was down 73.2% on a year-over-year basis. Equities analysts anticipate that SolarEdge Technologies, Inc. will post -8.67 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Quarry LP bought a new position in SolarEdge Technologies during the second quarter valued at approximately $36,627,000. The Manufacturers Life Insurance Company increased its stake in shares of SolarEdge Technologies by 5.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock worth $534,000 after purchasing an additional 1,175 shares during the last quarter. Deerfield Management Company L.P. Series C bought a new position in shares of SolarEdge Technologies during the 2nd quarter valued at $678,000. AQR Capital Management LLC acquired a new stake in shares of SolarEdge Technologies in the 2nd quarter valued at $600,000. Finally, Marshall Wace LLP boosted its holdings in SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after purchasing an additional 450,081 shares in the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

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.