SolarEdge Technologies (NASDAQ:SEDG) Shares Up 7.6% Following Insider Buying Activity

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares rose 7.6% during mid-day trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $13.04 and last traded at $13.02. Approximately 4,470,228 shares changed hands during trading, an increase of 26% from the average daily volume of 3,533,835 shares. The stock had previously closed at $12.10.

Specifically, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction that occurred on Monday, November 11th. The shares were purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the purchase, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This 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 through this link.

Analysts Set New Price Targets

SEDG has been the subject of a number of analyst reports. Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $9.00 in a report on Thursday, November 7th. Barclays cut their target price on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating for the company in a research note on Friday, October 11th. William Blair assumed coverage on shares of SolarEdge Technologies in a research note on Thursday, August 29th. They set a “market perform” rating on the stock. StockNews.com raised shares of SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Finally, Mizuho lowered shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $35.00 to $11.00 in a research report on Thursday, November 7th. Nine research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and a consensus price target of $23.79.

SolarEdge Technologies Trading Up 6.0 %

The business’s 50-day moving average is $18.37 and its two-hundred day moving average is $29.65. 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 $743.50 million, a PE ratio of -0.44 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The company had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. SolarEdge Technologies’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same quarter last year, the business posted ($1.03) EPS. On average, analysts predict that SolarEdge Technologies, Inc. will post -17.51 earnings per share for the current year.

Institutional Trading of SolarEdge Technologies

Hedge funds have recently made changes to their positions in the company. EntryPoint Capital LLC acquired a new stake in SolarEdge Technologies during the 1st quarter valued at $64,000. International Assets Investment Management LLC acquired a new stake in shares of SolarEdge Technologies during the second quarter valued at about $28,000. KBC Group NV increased its position in shares of SolarEdge Technologies by 95.8% during the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after acquiring an additional 1,378 shares during the last quarter. State Board of Administration of Florida Retirement System acquired a new position in shares of SolarEdge Technologies in the first quarter worth about $236,000. Finally, First Pacific Financial boosted its holdings in SolarEdge Technologies by 53.0% in the second quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 1,805 shares during the last quarter. Hedge funds and other 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.