SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up to $21.69

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up prior to trading on Thursday . The stock had previously closed at $21.69, but opened at $22.96. SolarEdge Technologies shares last traded at $22.07, with a volume of 402,033 shares.

Analysts Set New Price Targets

SEDG has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Truist Financial reissued a “hold” rating and issued a $20.00 price objective on shares of SolarEdge Technologies in a report on Tuesday, August 27th. The Goldman Sachs Group cut their target price on SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a research note on Friday, August 9th. Canaccord Genuity Group lowered their price target on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Finally, Morgan Stanley reduced their price objective on shares of SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating for the company in a report on Wednesday, June 26th. Five research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $49.35.

SolarEdge Technologies Stock Down 3.9 %

The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.17 billion, a PE ratio of -4.38 and a beta of 1.56. The business’s 50-day moving average price is $24.14 and its 200-day moving average price is $42.55.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The company had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. During the same period last year, the business earned $2.06 EPS. The company’s quarterly revenue was down 73.2% on a year-over-year basis. As a group, equities research analysts predict that SolarEdge Technologies, Inc. will post -8.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SEDG. Vanguard Personalized Indexing Management LLC lifted its position in shares of SolarEdge Technologies by 18.7% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 2,955 shares of the semiconductor company’s stock worth $277,000 after buying an additional 465 shares during the last quarter. Norges Bank acquired a new position in SolarEdge Technologies during the fourth quarter valued at approximately $39,547,000. PNC Financial Services Group Inc. grew its holdings in SolarEdge Technologies by 41.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,059 shares of the semiconductor company’s stock valued at $1,410,000 after purchasing an additional 4,413 shares during the last quarter. Coldstream Capital Management Inc. bought a new position in shares of SolarEdge Technologies in the fourth quarter valued at approximately $222,000. Finally, Corient Private Wealth LLC lifted its stake in shares of SolarEdge Technologies by 93.6% in the fourth quarter. Corient Private Wealth LLC now owns 6,583 shares of the semiconductor company’s stock worth $616,000 after buying an additional 3,183 shares during the last quarter. 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.