SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down - What's Next?

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 $26.43, but opened at $24.74. SolarEdge Technologies shares last traded at $25.24, with a volume of 2,038,906 shares trading hands.

Wall Street Analyst Weigh In

SEDG has been the topic of several analyst reports. Northland Capmk upgraded SolarEdge Technologies from a "strong sell" rating to a "hold" rating in a report on Friday, May 23rd. KeyCorp upgraded SolarEdge Technologies from an "underweight" rating to a "sector weight" rating in a research note on Tuesday. Susquehanna lowered their price objective on SolarEdge Technologies from $17.00 to $12.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. UBS Group raised their price objective on SolarEdge Technologies from $17.00 to $20.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Finally, Northland Securities upgraded SolarEdge Technologies from an "under perform" rating to a "market perform" rating and set a $15.50 price objective for the company in a research note on Friday, May 23rd. Eleven equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $16.12.

SolarEdge Technologies Stock Down 1.1%

The firm has a 50 day simple moving average of $18.91 and a two-hundred day simple moving average of $16.27. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.39 and a current ratio of 2.04. The stock has a market cap of $1.54 billion, a P/E ratio of -0.87 and a beta of 1.62.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its 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. The firm had revenue of $219.48 million for the quarter, compared to the consensus estimate of $205.39 million. SolarEdge Technologies had a negative return on equity of 127.53% and a negative net margin of 182.81%. The firm's revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.90) EPS. Equities research analysts predict that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current year.

Institutional Trading of SolarEdge Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. 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 worth $923,000 after buying an additional 44,831 shares in the last quarter. Caxton Associates LLP bought a new stake in shares of SolarEdge Technologies in the 1st quarter worth $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 worth $16,147,000 after buying an additional 79,461 shares in the last quarter. 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 worth $2,305,000 after buying an additional 140,033 shares in the last quarter. Finally, Interval Partners LP grew its holdings 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 worth $1,236,000 after acquiring an additional 54,523 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.