SolarEdge Technologies (NASDAQ:SEDG) Trading Up 10.4% – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shot up 10.4% during trading on Friday . The company traded as high as $12.37 and last traded at $12.79. 2,651,111 shares changed hands during trading, a decline of 36% from the average session volume of 4,158,773 shares. The stock had previously closed at $11.58.

Wall Street Analysts Forecast Growth

SEDG has been the subject of several research analyst reports. Jefferies Financial Group boosted their price objective on SolarEdge Technologies from $9.00 to $12.00 and gave the company an “underperform” rating in a research report on Friday, February 21st. The Goldman Sachs Group increased their price objective on shares of SolarEdge Technologies from $21.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Northland Capmk cut shares of SolarEdge Technologies from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 20th. Morgan Stanley upgraded SolarEdge Technologies from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $11.00 to $18.00 in a report on Thursday, February 20th. Finally, Roth Mkm upped their price objective on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, February 21st. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $21.80.

SolarEdge Technologies Price Performance

The stock has a market capitalization of $750.07 million, a PE ratio of -0.41 and a beta of 1.63. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46. The firm’s 50 day simple moving average is $15.83 and its 200 day simple moving average is $15.53.

Insider Buying and Selling at SolarEdge Technologies

In related news, Chairman More Avery acquired 30,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was purchased at an average price of $13.70 per share, with a total value of $411,000.00. Following the completion of the purchase, the chairman now owns 274,478 shares in the company, valued at $3,760,348.60. This trade represents a 12.27 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millstone Evans Group LLC purchased a new position in shares of SolarEdge Technologies in the fourth quarter valued at about $27,000. Jones Financial Companies Lllp grew its stake in shares of SolarEdge Technologies by 401.2% in the fourth quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 1,954 shares during the last quarter. Y.D. More Investments Ltd increased its holdings in SolarEdge Technologies by 251.8% during the 4th quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company’s stock valued at $53,000 after purchasing an additional 2,770 shares during the period. R Squared Ltd purchased a new position in SolarEdge Technologies during the 4th quarter valued at about $61,000. Finally, GAMMA Investing LLC lifted its holdings in SolarEdge Technologies by 655.2% in the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after buying an additional 4,567 shares during the period. 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.