SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up - Time to Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shares gapped up before the market opened 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 trading hands.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SEDG shares. Morgan Stanley restated an "underweight" rating and issued a $10.00 target price on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Wells Fargo & Company dropped their price objective 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. Northland Capmk upgraded shares of SolarEdge Technologies from a "strong sell" rating to a "hold" rating in a research report on Friday, May 23rd. Mizuho upped their target price on shares of SolarEdge Technologies from $15.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, June 2nd. Finally, Canaccord Genuity Group raised their price target on shares of SolarEdge Technologies from $14.00 to $16.50 and gave the stock a "hold" rating in a research note on Wednesday, May 7th. Twelve investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $16.12.

SolarEdge Technologies Stock Up 3.3%

The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -0.65 and a beta of 1.59. 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 firm's 50-day simple moving average is $16.89 and its two-hundred day simple moving average is $15.64.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $205.39 million. During the same quarter last year, the business posted ($1.90) earnings per share. SolarEdge Technologies's revenue for the quarter was up 7.4% compared to the same quarter last year. On average, sell-side analysts expect that SolarEdge Technologies, Inc. will post -4.54 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds have recently added to or reduced their stakes in SEDG. GAMMA Investing LLC lifted its position in SolarEdge Technologies by 2,680.8% during the 1st quarter. GAMMA Investing LLC now owns 146,380 shares of the semiconductor company's stock valued at $2,368,000 after purchasing an additional 141,116 shares during the period. Teza Capital Management LLC raised its stake in shares of SolarEdge Technologies by 59.1% during the fourth quarter. Teza Capital Management LLC now owns 50,052 shares of the semiconductor company's stock worth $681,000 after buying an additional 18,602 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in 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 valued at $67,370,000 after buying an additional 641,915 shares during the period. Headlands Technologies LLC bought a new position in shares of SolarEdge Technologies in the 4th quarter worth $257,000. Finally, Renaissance Technologies LLC grew its position in shares of SolarEdge Technologies by 79.6% during the 4th quarter. Renaissance Technologies LLC now owns 627,700 shares of the semiconductor company's stock worth $8,537,000 after buying an additional 278,200 shares during the period. 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.

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