SolarEdge Technologies (NASDAQ:SEDG) Trading Up 7.6% - What's Next?

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s share price shot up 7.6% on Friday . The company traded as high as $15.80 and last traded at $16.09. 1,502,882 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 4,546,131 shares. The stock had previously closed at $14.95.

Analysts Set New Price Targets

SEDG has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut their price objective on shares of SolarEdge Technologies from $20.00 to $18.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Roth Mkm increased their price target on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Friday, February 21st. Canaccord Genuity Group increased their price objective on shares of SolarEdge Technologies from $14.00 to $16.50 and gave the company a "hold" rating in a research note on Wednesday, May 7th. Guggenheim restated a "sell" rating and issued a $5.00 price target on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company lowered their price target on SolarEdge Technologies from $19.00 to $15.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Eleven investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $16.56.

SolarEdge Technologies Stock Down 1.7%

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 stock has a market cap of $999.02 million, a PE ratio of -0.54 and a beta of 1.50. The business has a 50-day moving average price of $15.29 and a 200-day moving average price of $14.85.

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. The firm had revenue of $219.48 million for the quarter, compared to analyst estimates of $205.39 million. SolarEdge Technologies had a negative net margin of 192.13% and a negative return on equity of 95.05%. SolarEdge Technologies's quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the company posted ($1.90) EPS. As a group, analysts forecast that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current year.

Insider Activity

In related news, Chairman More Avery acquired 30,000 shares of SolarEdge Technologies stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average price of $13.70 per share, for a total transaction of $411,000.00. Following the completion of the transaction, the chairman now owns 274,478 shares in the company, valued at $3,760,348.60. This represents a 12.27% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.67% of the company's stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors have recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. raised its stake in shares of SolarEdge Technologies by 60.0% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 600 shares during the period. Deutsche Bank AG raised its holdings in shares of SolarEdge Technologies by 0.5% in the 1st quarter. Deutsche Bank AG now owns 148,734 shares of the semiconductor company's stock valued at $2,407,000 after purchasing an additional 766 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of SolarEdge Technologies by 93.7% in the 1st quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 790 shares during the last quarter. US Bancorp DE increased its stake in SolarEdge Technologies by 25.2% in the first quarter. US Bancorp DE now owns 4,560 shares of the semiconductor company's stock valued at $74,000 after purchasing an additional 918 shares during the last quarter. Finally, New York State Teachers Retirement System grew its position in shares of SolarEdge Technologies by 1.5% in the 1st quarter. New York State Teachers Retirement System now owns 66,436 shares of the semiconductor company's stock valued at $1,075,000 after buying an additional 1,000 shares during 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.