SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down - Here's What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $19.84, but opened at $16.12. SolarEdge Technologies shares last traded at $14.87, with a volume of 5,659,045 shares traded.

Analyst Ratings Changes

A number of research firms have recently commented on SEDG. Roth Mkm boosted their price objective on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday, February 21st. Glj Research boosted their price objective on SolarEdge Technologies from $3.90 to $6.90 and gave the stock a "sell" rating in a research note on Wednesday, May 21st. Northland Capmk raised SolarEdge Technologies from a "strong sell" rating to a "hold" rating in a research note on Friday. JPMorgan Chase & Co. dropped their price objective on SolarEdge Technologies from $20.00 to $18.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Finally, UBS Group cut their target price on SolarEdge Technologies from $22.00 to $17.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Eleven analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, SolarEdge Technologies currently has a consensus rating of "Hold" and a consensus target price of $16.56.

SolarEdge Technologies Price Performance

The company has a 50 day moving average price of $15.29 and a 200 day moving average price of $14.83. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -0.55 and a beta of 1.50. The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.26) by $0.12. SolarEdge Technologies had a negative return on equity of 95.05% and a negative net margin of 192.13%. The company had revenue of $219.48 million during the quarter, compared to analysts' expectations of $205.39 million. During the same period last year, the firm earned ($1.90) EPS. The business's revenue for the quarter was up 7.4% on a year-over-year basis. As a group, equities research analysts forecast that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current year.

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery bought 30,000 shares of SolarEdge Technologies stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $13.70 per share, for a total transaction of $411,000.00. Following the completion of the acquisition, the chairman now owns 274,478 shares in the company, valued at approximately $3,760,348.60. The trade was a 12.27% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.67% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bayforest Capital Ltd raised its stake in shares of SolarEdge Technologies by 367.3% in the 1st quarter. Bayforest Capital Ltd now owns 57,036 shares of the semiconductor company's stock valued at $923,000 after purchasing an additional 44,831 shares during the period. Caxton Associates LLP acquired a new stake in shares of SolarEdge Technologies in the 1st quarter valued at about $4,164,000. Goldman Sachs Group Inc. raised its stake in shares of SolarEdge Technologies by 8.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 997,962 shares of the semiconductor company's stock valued at $16,147,000 after purchasing an additional 79,461 shares during the period. Jones Financial Companies Lllp raised its stake in shares of SolarEdge Technologies by 5,736.7% in the 1st quarter. Jones Financial Companies Lllp now owns 142,474 shares of the semiconductor company's stock valued at $2,305,000 after purchasing an additional 140,033 shares during the period. Finally, Interval Partners LP raised its stake in shares of SolarEdge Technologies by 249.4% in the 1st quarter. Interval Partners LP now owns 76,387 shares of the semiconductor company's stock valued at $1,236,000 after purchasing an additional 54,523 shares during the period. 95.10% of the stock is currently owned by 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.