SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 8.2% – Time to Buy?

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) rose 8.2% on Monday . The company traded as high as $17.33 and last traded at $17.45. Approximately 869,780 shares were traded during trading, a decline of 79% from the average daily volume of 4,049,845 shares. The stock had previously closed at $16.12.

Analysts Set New Price Targets

SEDG has been the subject of a number of recent research reports. Canaccord Genuity Group boosted their target price on SolarEdge Technologies from $18.00 to $19.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. The Goldman Sachs Group lifted their price objective on SolarEdge Technologies from $21.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. BMO Capital Markets cut SolarEdge Technologies from a “market perform” rating to an “underperform” rating and lifted their price objective for the stock from $13.00 to $15.00 in a research note on Thursday, February 20th. Jefferies Financial Group lifted their price objective on SolarEdge Technologies from $9.00 to $12.00 and gave the stock an “underperform” rating in a research note on Friday, February 21st. Finally, Roth Mkm lifted their price objective on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, February 21st. Ten research analysts have rated the stock with a sell rating, sixteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $21.65.

SolarEdge Technologies Stock Performance

The stock has a 50 day simple moving average of $15.29 and a 200 day simple moving average of $16.17. The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56. The stock has a market cap of $982.79 million, a P/E ratio of -0.54 and a beta of 1.77.

Insider Activity

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

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP grew its position in SolarEdge Technologies by 105.9% during the 3rd quarter. GSA Capital Partners LLP now owns 28,196 shares of the semiconductor company’s stock worth $646,000 after acquiring an additional 14,503 shares during the last quarter. KBC Group NV lifted its holdings in SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after buying an additional 1,378 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in SolarEdge Technologies by 683.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after buying an additional 220,304 shares during the period. Advisors Asset Management Inc. lifted its holdings in SolarEdge Technologies by 86.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 15,307 shares of the semiconductor company’s stock worth $351,000 after buying an additional 7,099 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in SolarEdge Technologies by 2.9% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 186,738 shares of the semiconductor company’s stock worth $4,278,000 after buying an additional 5,238 shares during the period. 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.