SolarEdge Technologies (NASDAQ:SEDG) Trading Down 3.7% – Time to Sell?

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) fell 3.7% on Wednesday . The stock traded as low as $13.09 and last traded at $13.19. 498,496 shares changed hands during trading, a decline of 88% from the average session volume of 4,285,154 shares. The stock had previously closed at $13.70.

Analysts Set New Price Targets

Several analysts recently commented on the stock. JPMorgan Chase & Co. cut their target price on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Truist Financial cut their price objective on SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, January 16th. Barclays boosted their target price on SolarEdge Technologies from $7.00 to $10.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 14th. BMO Capital Markets decreased their price target on SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group boosted their target price on shares of SolarEdge Technologies from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Tuesday, January 7th. Eight research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $21.24.

SolarEdge Technologies Price Performance

The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $756.83 million, a price-to-earnings ratio of -0.45 and a beta of 1.56. The stock has a fifty day moving average of $13.85 and a two-hundred day moving average of $19.14.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The company had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business’s revenue for the quarter was down 64.0% on a year-over-year basis. During the same quarter last year, the firm earned ($1.03) EPS. As a group, equities research analysts forecast that SolarEdge Technologies, Inc. will post -23.2 earnings per share for the current year.

Insider Activity at SolarEdge Technologies

In other news, Chairman More Avery acquired 156,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was purchased at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the acquisition, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. KBC Group NV raised its stake 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. GAMMA Investing LLC raised its position in shares of SolarEdge Technologies by 655.2% during the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after purchasing an additional 4,567 shares during the period. US Bancorp DE lifted its holdings in shares of SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after purchasing an additional 4,834 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of SolarEdge Technologies in the 4th quarter valued at approximately $227,000. Finally, GFG Capital LLC bought a new stake in SolarEdge Technologies during the 3rd quarter worth approximately $229,000. Institutional investors and hedge funds 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.