SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down - Time to Sell?

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $23.98, but opened at $15.53. SolarEdge Technologies shares last traded at $15.71, with a volume of 6,626,354 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price target on SolarEdge Technologies from $20.00 to $18.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Northland Capmk raised SolarEdge Technologies from a "strong sell" rating to a "hold" rating in a research report on Friday, May 23rd. Piper Sandler upped their price objective on SolarEdge Technologies from $9.00 to $10.00 and gave the stock an "underweight" rating in a research note on Thursday, February 20th. Wells Fargo & Company cut their price target on shares of SolarEdge Technologies from $19.00 to $15.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Finally, Mizuho boosted their price target on SolarEdge Technologies from $15.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, June 2nd. Twelve analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $16.96.

SolarEdge Technologies Stock Down 2.7%

The company has a debt-to-equity ratio of 0.62, a current ratio of 2.04 and a quick ratio of 1.39. The stock has a market capitalization of $975.34 million, a PE ratio of -0.55 and a beta of 1.59. The company has a 50 day moving average price of $16.51 and a 200-day moving average price of $15.53.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.26) by $0.12. SolarEdge Technologies had a negative net margin of 182.81% and a negative return on equity of 127.53%. The business had revenue of $219.48 million for the quarter, compared to analysts' expectations of $205.39 million. During the same quarter in the previous year, the business posted ($1.90) earnings per share. The firm's revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, analysts forecast that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors have recently bought and sold shares of SEDG. Fifth Third Bancorp lifted its position in SolarEdge Technologies by 93.7% during the 1st quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 790 shares during the period. Edmond DE Rothschild Holding S.A. increased its stake in shares of SolarEdge Technologies by 60.0% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 600 shares in the last quarter. Millstone Evans Group LLC purchased a new position in shares of SolarEdge Technologies during the fourth quarter valued at approximately $27,000. Jones Financial Companies Lllp lifted its holdings in shares of SolarEdge Technologies by 401.2% during the fourth quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 1,954 shares during the last quarter. Finally, Banque Cantonale Vaudoise bought a new stake in shares of SolarEdge Technologies in the 1st quarter worth approximately $35,000. 95.10% of the stock is owned by 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.