SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up - Should You Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $19.09, but opened at $20.19. SolarEdge Technologies shares last traded at $19.59, with a volume of 1,463,577 shares traded.

Analyst Ratings Changes

SEDG has been the topic of several research reports. Morgan Stanley reissued an "underweight" rating and set a $10.00 price objective on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Northland Capmk raised SolarEdge Technologies from a "strong sell" rating to a "hold" rating in a research report on Friday, May 23rd. UBS Group upped their price target on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 10th. Canaccord Genuity Group lifted their price objective on SolarEdge Technologies from $14.00 to $16.50 and gave the company a "hold" rating in a research note on Wednesday, May 7th. Finally, Barclays increased their target price on SolarEdge Technologies from $11.00 to $12.00 and gave the stock an "underweight" rating in a research note on Wednesday, June 11th. Twelve equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $16.12.

SolarEdge Technologies Stock Performance

The company has a market cap of $1.17 billion, a P/E ratio of -0.66 and a beta of 1.59. The company has a quick ratio of 1.39, a current ratio of 2.04 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $17.18 and a two-hundred day simple moving average of $15.73.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, topping the consensus estimate of ($1.26) by $0.12. The firm had revenue of $219.48 million for the quarter, compared to analysts' expectations of $205.39 million. SolarEdge Technologies had a negative net margin of 182.81% and a negative return on equity of 127.53%. The business's quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.90) EPS. On average, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

Hedge funds have recently modified their holdings of the business. Grantham Mayo Van Otterloo & Co. LLC raised its holdings in SolarEdge Technologies by 14.9% in the 4th 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 during the period. Vanguard Group Inc. raised its stake in shares of SolarEdge Technologies by 4.4% in the first quarter. Vanguard Group Inc. now owns 3,028,018 shares of the semiconductor company's stock worth $48,993,000 after buying an additional 126,246 shares during the period. Invesco Ltd. raised its stake in shares of SolarEdge Technologies by 5.0% in the fourth quarter. Invesco Ltd. now owns 2,445,164 shares of the semiconductor company's stock worth $33,254,000 after buying an additional 116,809 shares during the period. Ion Asset Management Ltd. lifted its position in shares of SolarEdge Technologies by 135.9% during the 1st quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company's stock valued at $33,695,000 after buying an additional 1,199,801 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of SolarEdge Technologies during the 4th quarter valued at approximately $17,909,000. 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.