SolarEdge Technologies (NASDAQ:SEDG) Trading 3.3% Higher - Here's Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s stock price rose 3.3% during mid-day trading on Friday . The stock traded as high as $17.18 and last traded at $17.15. Approximately 277,580 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 4,564,272 shares. The stock had previously closed at $16.60.

Analysts Set New Price Targets

SEDG has been the subject of several recent analyst reports. Northland Securities raised SolarEdge Technologies from an "under perform" rating to a "market perform" rating and set a $15.50 price target for the company in a research note on Friday, May 23rd. JPMorgan Chase & Co. decreased their price target on SolarEdge Technologies from $20.00 to $18.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. BMO Capital Markets cut SolarEdge Technologies from a "market perform" rating to an "underperform" rating and increased their price target for the stock from $13.00 to $15.00 in a research note on Thursday, February 20th. The Goldman Sachs Group increased their price target on SolarEdge Technologies from $21.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. Finally, Susquehanna decreased their price target 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. Ten research analysts have rated the stock with a sell rating, sixteen have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $16.56.

SolarEdge Technologies Price Performance

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 firm has a market cap of $1.05 billion, a price-to-earnings ratio of -0.57 and a beta of 1.50. The stock has a 50-day moving average of $15.29 and a two-hundred day moving average of $14.96.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released 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 return on equity of 95.05% and a negative net margin of 192.13%. 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 company posted ($1.90) EPS. SolarEdge Technologies's revenue for the quarter was up 7.4% on a year-over-year basis. On average, analysts anticipate that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

Insider Buying and Selling

In other SolarEdge Technologies news, Chairman More Avery acquired 30,000 shares of SolarEdge Technologies stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $13.70 per share, with a total value of $411,000.00. Following the purchase, the chairman now owns 274,478 shares in the company, valued at approximately $3,760,348.60. The trade was a 12.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.67% of the company's stock.

Institutional Investors Weigh In On SolarEdge Technologies

Several hedge funds have recently bought and sold shares of SEDG. Point72 Asset Management L.P. purchased a new stake in shares of SolarEdge Technologies during the 4th quarter worth about $17,909,000. Ion Asset Management Ltd. raised its stake 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 worth $33,695,000 after purchasing an additional 1,199,801 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of SolarEdge Technologies by 10,038.2% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,109,225 shares of the semiconductor company's stock worth $17,945,000 after purchasing an additional 1,098,284 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of SolarEdge Technologies by 14.9% during 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 in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of SolarEdge Technologies by 67.6% during the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company's stock worth $17,262,000 after purchasing an additional 512,035 shares in the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.