SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down – Here’s What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped down before the market opened on Wednesday . The stock had previously closed at $12.39, but opened at $11.83. SolarEdge Technologies shares last traded at $11.72, with a volume of 622,358 shares trading hands.

Analyst Upgrades and Downgrades

SEDG has been the topic of a number of research reports. Roth Mkm lifted their price target on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, February 21st. Glj Research raised SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, December 17th. Wells Fargo & Company decreased their target price on SolarEdge Technologies from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Northland Capmk cut SolarEdge Technologies from a “hold” rating to a “strong sell” rating in a report on Thursday, February 20th. Finally, Canaccord Genuity Group raised their target price on shares of SolarEdge Technologies from $18.00 to $19.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Ten analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus target price of $21.80.

SolarEdge Technologies Trading Up 10.2 %

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 50-day simple moving average of $15.83 and a two-hundred day simple moving average of $15.53. The firm has a market capitalization of $750.07 million, a P/E ratio of -0.41 and a beta of 1.63.

Insider Activity at SolarEdge Technologies

In related news, Chairman More Avery bought 30,000 shares of the stock in a transaction on Tuesday, March 4th. The stock was bought at an average price of $13.70 per share, for a total transaction of $411,000.00. Following the completion of the acquisition, the chairman now directly owns 274,478 shares in the company, 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 legal filing with the SEC, which can be accessed through the SEC website. 0.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

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.