SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up to $52.21

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $52.21, but opened at $54.72. SolarEdge Technologies shares last traded at $53.85, with a volume of 1,122,993 shares.

Wall Street Analysts Forecast Growth

SEDG has been the topic of several recent analyst reports. Piper Sandler dropped their target price on shares of SolarEdge Technologies from $105.00 to $77.00 and set a "neutral" rating on the stock in a report on Wednesday, February 21st. Northland Capmk cut SolarEdge Technologies from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 9th. Canaccord Genuity Group reduced their target price on SolarEdge Technologies from $75.00 to $58.00 and set a "hold" rating for the company in a report on Thursday, May 9th. Barclays lifted their price objective on shares of SolarEdge Technologies from $50.00 to $61.00 and gave the stock an "underweight" rating in a research report on Tuesday, April 16th. Finally, Truist Financial lowered their price target on shares of SolarEdge Technologies from $80.00 to $75.00 and set a "hold" rating on the stock in a research report on Thursday, February 22nd. Four equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $87.12.

SolarEdge Technologies Stock Up 2.9 %

The business has a 50-day moving average price of $63.64 and a 200 day moving average price of $73.26. The stock has a market capitalization of $3.08 billion, a P/E ratio of -11.24 and a beta of 1.53. The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) EPS for the quarter, topping analysts' consensus estimates of ($2.01) by $0.60. SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. The firm had revenue of $316.04 million during the quarter, compared to analysts' expectations of $319.97 million. On average, equities analysts expect that SolarEdge Technologies, Inc. will post -4.68 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director More Avery acquired 7,000 shares of the company's stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average price of $67.75 per share, with a total value of $474,250.00. Following the completion of the purchase, the director now directly owns 77,446 shares in the company, valued at $5,246,966.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SEDG. NBC Securities Inc. acquired a new position in SolarEdge Technologies during the 3rd quarter valued at approximately $25,000. Manchester Capital Management LLC raised its position in SolarEdge Technologies by 1,345.0% during the fourth quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 269 shares in the last quarter. GAMMA Investing LLC purchased a new stake in SolarEdge Technologies in the 4th quarter worth approximately $30,000. Kayne Anderson Rudnick Investment Management LLC grew its position in SolarEdge Technologies by 194.7% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company's stock valued at $36,000 after buying an additional 183 shares during the period. Finally, Versant Capital Management Inc increased its position in shares of SolarEdge Technologies by 1,066.7% in the first quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company's stock valued at $50,000 after buying an additional 640 shares in the last quarter. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

SolarEdge Technologies Company Profile

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.

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