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

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $19.84, but opened at $16.12. SolarEdge Technologies shares last traded at $14.87, with a volume of 5,659,045 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SEDG. JPMorgan Chase & Co. dropped their price objective on SolarEdge Technologies from $20.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. Northland Securities upgraded SolarEdge Technologies from an “under perform” rating to a “market perform” rating and set a $15.50 target price for the company in a research report on Friday. Piper Sandler increased their price target on shares of SolarEdge Technologies from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Thursday, February 20th. Royal Bank of Canada lifted their price objective on shares of SolarEdge Technologies from $14.00 to $15.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 20th. Finally, Guggenheim reaffirmed a “sell” rating and issued a $5.00 target price on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Eleven analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, SolarEdge Technologies presently has an average rating of “Hold” and an average price target of $16.56.

SolarEdge Technologies Stock Performance

The stock has a market capitalization of $986.03 million, a price-to-earnings ratio of -0.54 and a beta of 1.50. The company’s fifty day simple moving average is $15.30 and its 200 day simple moving average is $14.81. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, topping the consensus estimate of ($1.26) by $0.12. The business had revenue of $219.48 million during the quarter, compared to the consensus estimate of $205.39 million. SolarEdge Technologies had a negative net margin of 192.13% and a negative return on equity of 95.05%. SolarEdge Technologies’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.90) EPS. On average, equities research analysts expect that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current year.

Insider Activity

In other news, Chairman More Avery bought 30,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was bought at an average price of $13.70 per share, with a total value of $411,000.00. Following the completion of the acquisition, the chairman now owns 274,478 shares of the company’s stock, valued at $3,760,348.60. This represents a 12.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp raised its stake in SolarEdge Technologies by 93.7% in the 1st quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 790 shares in the last quarter. Edmond DE Rothschild Holding S.A. increased its holdings in shares of SolarEdge Technologies by 60.0% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 600 shares during the period. Millstone Evans Group LLC acquired a new stake in shares of SolarEdge Technologies in the fourth quarter valued at approximately $27,000. Jones Financial Companies Lllp boosted 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 valued at $33,000 after buying an additional 1,954 shares during the period. Finally, Banque Cantonale Vaudoise bought a new stake in shares of SolarEdge Technologies in the first quarter valued at approximately $35,000. 95.10% of the stock is currently 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.