SolarEdge Technologies (NASDAQ:SEDG) Shares Down 8.5% – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) was down 8.5% during trading on Wednesday . The company traded as low as $16.11 and last traded at $15.81. Approximately 865,865 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 4,044,840 shares. The stock had previously closed at $17.29.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of SolarEdge Technologies from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Wells Fargo & Company cut their target price on shares of SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Susquehanna boosted their price target on SolarEdge Technologies from $13.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Truist Financial reduced their target price on shares of SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, January 16th. Finally, Morgan Stanley raised shares of SolarEdge Technologies from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $11.00 to $18.00 in a research note on Thursday, February 20th. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, SolarEdge Technologies has a consensus rating of “Hold” and a consensus price target of $21.65.

SolarEdge Technologies Price Performance

The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46. The firm has a market cap of $917.90 million, a price-to-earnings ratio of -0.50 and a beta of 1.78. The stock has a 50-day moving average price of $15.54 and a 200 day moving average price of $16.01.

Insider Activity

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

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of SolarEdge Technologies by 14.9% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock worth $67,370,000 after purchasing an additional 641,915 shares during the period. Invesco Ltd. lifted its stake in shares of SolarEdge Technologies by 5.0% in the 4th quarter. Invesco Ltd. now owns 2,445,164 shares of the semiconductor company’s stock worth $33,254,000 after acquiring an additional 116,809 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of SolarEdge Technologies in the fourth quarter valued at about $17,909,000. Legal & General Group Plc increased its stake in shares of SolarEdge Technologies by 67.6% during the fourth quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company’s stock worth $17,262,000 after acquiring an additional 512,035 shares during the period. Finally, Two Sigma Investments LP raised its holdings in SolarEdge Technologies by 1.3% during the fourth quarter. Two Sigma Investments LP now owns 1,254,397 shares of the semiconductor company’s stock worth $17,060,000 after purchasing an additional 16,258 shares in the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

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.