SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up to $21.61

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up before the market opened on Friday . The stock had previously closed at $21.61, but opened at $22.34. SolarEdge Technologies shares last traded at $22.89, with a volume of 478,577 shares.

Wall Street Analyst Weigh In

Several equities analysts have commented on SEDG shares. Mizuho reduced their price objective on SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Thursday, September 19th. Jefferies Financial Group downgraded SolarEdge Technologies from a “hold” rating to an “underperform” rating and reduced their target price for the stock from $27.00 to $17.00 in a report on Tuesday, September 17th. William Blair began coverage on SolarEdge Technologies in a research note on Thursday, August 29th. They issued a “market perform” rating on the stock. Royal Bank of Canada decreased their target price on SolarEdge Technologies from $37.00 to $35.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Finally, Susquehanna reduced their price target on shares of SolarEdge Technologies from $36.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Five investment analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $49.35.

SolarEdge Technologies Trading Up 7.0 %

The firm has a 50-day moving average of $23.52 and a 200 day moving average of $40.54. The company has a market cap of $1.32 billion, a P/E ratio of -4.97 and a beta of 1.56. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results 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). 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 the consensus estimate of $264.31 million. During the same quarter in the previous year, the company posted $2.06 EPS. The firm’s revenue was down 73.2% on a year-over-year basis. On average, analysts predict that SolarEdge Technologies, Inc. will post -8.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in SEDG. International Assets Investment Management LLC purchased a new position in shares of SolarEdge Technologies in the second quarter worth about $28,000. GAMMA Investing LLC increased its holdings in SolarEdge Technologies by 90.0% during the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 289 shares during the period. Versant Capital Management Inc increased its holdings in shares of SolarEdge Technologies by 1,066.7% in the first quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 640 shares during the period. EntryPoint Capital LLC bought a new position in shares of SolarEdge Technologies in the first quarter worth $64,000. Finally, Hexagon Capital Partners LLC grew its position in SolarEdge Technologies by 120.8% during the first quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after buying an additional 610 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

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.