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

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $12.10, but opened at $12.75. SolarEdge Technologies shares last traded at $13.72, with a volume of 922,463 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SEDG shares. BMO Capital Markets cut shares of SolarEdge Technologies from a "market perform" rating to an "underperform" rating and raised their target price for the stock from $13.00 to $15.00 in a research report on Thursday, February 20th. Guggenheim reissued a "sell" rating and set a $5.00 price objective on shares of SolarEdge Technologies in a research note on Wednesday. Canaccord Genuity Group increased their target price on SolarEdge Technologies from $18.00 to $19.00 and gave the stock a "hold" rating in a research report on Thursday, February 20th. Piper Sandler boosted their target price on SolarEdge Technologies from $9.00 to $10.00 and gave the stock an "underweight" rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group upped their price target on shares of SolarEdge Technologies from $21.00 to $31.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $16.82.

SolarEdge Technologies Stock Performance

The company has a 50-day moving average of $15.34 and a 200-day moving average of $14.90. The firm has a market capitalization of $741.58 million, a price-to-earnings ratio of -0.40 and a beta of 1.63. The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery bought 30,000 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $13.70 per share, with a total value of $411,000.00. Following the completion of the transaction, the chairman now directly owns 274,478 shares of the company's stock, valued at approximately $3,760,348.60. This represents a 12.27 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.67% of the company's stock.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC bought a new stake in shares of SolarEdge Technologies during the fourth quarter valued at approximately $227,000. Grantham Mayo Van Otterloo & Co. LLC grew its stake in shares of SolarEdge Technologies by 14.9% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company's stock worth $67,370,000 after purchasing an additional 641,915 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of SolarEdge Technologies during the fourth quarter valued at $257,000. Assenagon Asset Management S.A. raised its stake in shares of SolarEdge Technologies by 182.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company's stock valued at $11,888,000 after purchasing an additional 564,490 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in SolarEdge Technologies by 79.6% in the fourth quarter. Renaissance Technologies LLC now owns 627,700 shares of the semiconductor company's stock worth $8,537,000 after purchasing an additional 278,200 shares during the period. Institutional investors own 95.10% of the company's stock.

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.