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

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $23.98, but opened at $15.53. SolarEdge Technologies shares last traded at $15.71, with a volume of 6,626,354 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SEDG shares. Piper Sandler boosted their price target on SolarEdge Technologies from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. UBS Group raised their price objective on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, June 10th. Jefferies Financial Group dropped their target price on SolarEdge Technologies from $12.00 to $9.00 and set an “underperform” rating on the stock in a report on Tuesday, April 15th. Royal Bank of Canada boosted their price objective on SolarEdge Technologies from $14.00 to $15.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 20th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $10.00 price objective on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Twelve analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus target price of $16.96.

SolarEdge Technologies Stock Performance

The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. The stock has a 50-day moving average of $16.32 and a 200 day moving average of $15.51. The stock has a market cap of $921.09 million, a PE ratio of -0.50 and a beta of 1.59.

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

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its stake in shares of SolarEdge Technologies by 2,680.8% during the 1st quarter. GAMMA Investing LLC now owns 146,380 shares of the semiconductor company’s stock worth $2,368,000 after purchasing an additional 141,116 shares in the last quarter. Teza Capital Management LLC increased its holdings in SolarEdge Technologies by 59.1% in the 4th quarter. Teza Capital Management LLC now owns 50,052 shares of the semiconductor company’s stock valued at $681,000 after purchasing an additional 18,602 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its position in SolarEdge Technologies by 14.9% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock valued at $67,370,000 after acquiring an additional 641,915 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of SolarEdge Technologies in the 4th quarter worth approximately $257,000. Finally, Renaissance Technologies LLC grew its stake in shares of SolarEdge Technologies by 79.6% in the fourth quarter. Renaissance Technologies LLC now owns 627,700 shares of the semiconductor company’s stock worth $8,537,000 after purchasing an additional 278,200 shares in the last quarter. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.