SolarEdge Technologies (NASDAQ:SEDG) Shares Down 5.7% – What’s Next?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares were down 5.7% during trading on Tuesday . The company traded as low as $15.68 and last traded at $15.26. Approximately 437,910 shares were traded during trading, a decline of 89% from the average daily volume of 4,076,875 shares. The stock had previously closed at $16.18.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on SolarEdge Technologies from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Barclays increased their price objective on SolarEdge Technologies from $7.00 to $10.00 and gave the company an “underweight” rating in a report on Tuesday, January 14th. Morgan Stanley raised shares of SolarEdge Technologies from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $11.00 to $18.00 in a report on Thursday, February 20th. Roth Mkm increased their price target on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, February 21st. Finally, Glj Research upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $21.80.

SolarEdge Technologies Price Performance

The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.46 and a current ratio of 1.95. The stock’s fifty day moving average price is $15.69 and its 200-day moving average price is $15.94. The firm has a market cap of $970.74 million, a PE ratio of -0.53 and a beta of 1.78.

Insiders Place Their Bets

In other news, Chairman More Avery purchased 30,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average price of $13.70 per share, with a total value of $411,000.00. Following the purchase, the chairman now directly owns 274,478 shares of the company’s stock, valued at $3,760,348.60. The trade was a 12.27 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 0.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds have recently bought and sold shares of the company. Grantham Mayo Van Otterloo & Co. LLC boosted its position in SolarEdge Technologies by 14.9% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock worth $67,370,000 after purchasing an additional 641,915 shares in the last quarter. Invesco Ltd. raised its stake in shares of SolarEdge Technologies by 5.0% during the 4th quarter. Invesco Ltd. now owns 2,445,164 shares of the semiconductor company’s stock worth $33,254,000 after buying an additional 116,809 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of SolarEdge Technologies in the 4th quarter worth about $17,909,000. Legal & General Group Plc grew its stake in SolarEdge Technologies by 67.6% in the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company’s stock valued at $17,262,000 after acquiring an additional 512,035 shares during the last quarter. Finally, Two Sigma Investments LP grew its stake in SolarEdge Technologies by 1.3% in the 4th quarter. Two Sigma Investments LP now owns 1,254,397 shares of the semiconductor company’s stock valued at $17,060,000 after acquiring an additional 16,258 shares during the last quarter. 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.