SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down to $308.37

SolarEdge Technologies, Inc. (NASDAQ:SEDGGet Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $308.37, but opened at $294.40. SolarEdge Technologies shares last traded at $294.16, with a volume of 147,490 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently commented on SEDG. Piper Sandler upped their target price on SolarEdge Technologies from $325.00 to $390.00 and gave the company an “overweight” rating in a report on Thursday, December 22nd. Oppenheimer reduced their price objective on SolarEdge Technologies from $400.00 to $379.00 in a research note on Tuesday, November 8th. Wells Fargo & Company lifted their target price on SolarEdge Technologies from $306.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, January 6th. Bank of America raised shares of SolarEdge Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $269.00 to $367.00 in a research report on Wednesday, December 7th. Finally, Cowen increased their target price on shares of SolarEdge Technologies from $309.00 to $360.00 and gave the stock an “outperform” rating in a research report on Monday, December 5th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $347.40.

SolarEdge Technologies Stock Performance

The stock has a market cap of $16.18 billion, a price-to-earnings ratio of 151.91, a price-to-earnings-growth ratio of 1.29 and a beta of 1.28. The stock’s 50-day simple moving average is $303.31 and its two-hundred day simple moving average is $282.42. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.72 and a current ratio of 3.53.

SolarEdge Technologies (NASDAQ:SEDGGet Rating) last announced its earnings results on Monday, November 7th. The semiconductor company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.86). SolarEdge Technologies had a net margin of 4.11% and a return on equity of 5.75%. The business had revenue of $836.72 million for the quarter, compared to the consensus estimate of $825.69 million. Analysts forecast that SolarEdge Technologies, Inc. will post 2.96 earnings per share for the current year.

Insider Activity at SolarEdge Technologies

In related news, VP Meir Adest sold 2,500 shares of the stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $250.30, for a total transaction of $625,750.00. Following the completion of the sale, the vice president now owns 159,748 shares in the company, valued at approximately $39,984,924.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 12,500 shares of company stock worth $3,682,425 in the last 90 days. 1.17% of the stock is owned by company insiders.

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently modified their holdings of SEDG. Panagora Asset Management Inc. lifted its position in shares of SolarEdge Technologies by 28.3% in the 1st quarter. Panagora Asset Management Inc. now owns 2,254 shares of the semiconductor company’s stock worth $727,000 after acquiring an additional 497 shares during the period. Rhumbline Advisers lifted its position in shares of SolarEdge Technologies by 2.7% in the 1st quarter. Rhumbline Advisers now owns 44,407 shares of the semiconductor company’s stock worth $14,315,000 after acquiring an additional 1,174 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of SolarEdge Technologies by 6.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,027 shares of the semiconductor company’s stock worth $2,265,000 after acquiring an additional 435 shares during the period. Cibc World Market Inc. lifted its position in shares of SolarEdge Technologies by 28.5% in the 1st quarter. Cibc World Market Inc. now owns 4,844 shares of the semiconductor company’s stock worth $1,562,000 after acquiring an additional 1,073 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of SolarEdge Technologies by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 210,973 shares of the semiconductor company’s stock worth $68,007,000 after acquiring an additional 1,902 shares during the period. Institutional investors own 80.01% of the company’s stock.

SolarEdge Technologies Company Profile

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SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. It operates through five segments: Solar, Energy Storage, e-Mobility, Critical Power, and Automation Machines. The company offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial, and small utility-scale solar installations; and a cloud-based monitoring platform that collects and processes information from the power optimizers and inverters, as well as monitors and manages the solar PV system.

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