SolarEdge Technologies (NASDAQ:SEDG) Shares Up 7.6% on Insider Buying Activity

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price shot up 7.6% on Thursday after an insider bought additional shares in the company. The company traded as high as $13.04 and last traded at $13.02. 4,470,228 shares changed hands during mid-day trading, an increase of 26% from the average session volume of 3,533,835 shares. The stock had previously closed at $12.10.

Specifically, Chairman More Avery acquired 156,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was bought 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 of the company’s stock, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SEDG. Bank of America lowered shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $21.00 to $14.00 in a research report on Thursday, November 7th. Guggenheim lowered shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a report on Thursday, October 17th. Mizuho lowered shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $35.00 to $11.00 in a report on Thursday, November 7th. Glj Research lowered shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. Finally, Truist Financial lowered their price target on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a report on Friday, November 8th. Ten equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, SolarEdge Technologies has an average rating of “Hold” and a consensus price target of $22.79.

SolarEdge Technologies Price Performance

The company’s 50 day moving average price is $18.19 and its 200-day moving average price is $29.31. The company has a market cap of $616.59 million, a price-to-earnings ratio of -0.37 and a beta of 1.59. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business’s revenue was down 64.0% on a year-over-year basis. During the same period last year, the business earned ($1.03) earnings per share. On average, equities research analysts forecast that SolarEdge Technologies, Inc. will post -17.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Meitav Investment House Ltd. increased its position in shares of SolarEdge Technologies by 9.6% in the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after acquiring an additional 51,065 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of SolarEdge Technologies during the third quarter worth approximately $1,495,000. E. Ohman J or Asset Management AB boosted its holdings in shares of SolarEdge Technologies by 109.3% during the third quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company’s stock worth $8,559,000 after purchasing an additional 195,085 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of SolarEdge Technologies by 56.6% during the third quarter. Assenagon Asset Management S.A. now owns 309,623 shares of the semiconductor company’s stock worth $7,093,000 after purchasing an additional 111,944 shares during the period. Finally, Deerfield Management Company L.P. Series C acquired a new stake in shares of SolarEdge Technologies during the second quarter worth approximately $678,000. 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.