SolarEdge Technologies (NASDAQ:SEDG) Trading Up 14% - Should You Buy?

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shot up 14% during mid-day trading on Friday . The company traded as high as $22.71 and last traded at $23.97. 2,547,091 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 4,628,681 shares. The stock had previously closed at $21.02.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SEDG. Northland Securities upgraded SolarEdge Technologies from an "under perform" rating to a "market perform" rating and set a $15.50 target price for the company in a research note on Friday, May 23rd. Mizuho lifted their price objective on SolarEdge Technologies from $15.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, June 2nd. Guggenheim reiterated a "sell" rating and set a $5.00 price objective on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Piper Sandler lifted their price objective on SolarEdge Technologies from $9.00 to $10.00 and gave the company an "underweight" rating in a research note on Thursday, February 20th. Finally, Jefferies Financial Group reduced their price objective on SolarEdge Technologies from $12.00 to $9.00 and set an "underperform" rating for the company in a research note on Tuesday, April 15th. Ten research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $17.00.

SolarEdge Technologies Trading Up 2.9%

The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -0.77 and a beta of 1.59. The company has a fifty day moving average of $16.32 and a 200-day moving average of $15.51.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.26) by $0.12. SolarEdge Technologies had a negative return on equity of 95.05% and a negative net margin of 192.13%. The company had revenue of $219.48 million for the quarter, compared to analysts' expectations of $205.39 million. During the same period in the previous year, the firm posted ($1.90) EPS. SolarEdge Technologies's revenue was up 7.4% compared to the same quarter last year. As a group, equities research analysts anticipate that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors have recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. boosted its holdings in shares of SolarEdge Technologies by 60.0% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 600 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of SolarEdge Technologies by 93.7% during the 1st quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 790 shares during the last quarter. Millstone Evans Group LLC acquired a new position in shares of SolarEdge Technologies during the 4th quarter worth approximately $27,000. Banque Cantonale Vaudoise acquired a new position in shares of SolarEdge Technologies during the 1st quarter worth approximately $35,000. Finally, Jones Financial Companies Lllp boosted its holdings in shares of SolarEdge Technologies by 401.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 1,954 shares during the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.