SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 7.6% - Should You Buy?

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SEDG shares. Barclays raised their price target on shares of SolarEdge Technologies from $10.00 to $11.00 and gave the company an "underweight" rating in a research note on Wednesday, April 16th. UBS Group dropped their price target on shares of SolarEdge Technologies from $22.00 to $17.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Morgan Stanley restated an "underweight" rating and issued a $10.00 price target on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Northland Capmk upgraded shares of SolarEdge Technologies from a "strong sell" rating to a "hold" rating in a research note on Friday. Finally, Jefferies Financial Group lowered their price objective on shares of SolarEdge Technologies from $12.00 to $9.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 15th. Eleven research 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.com, the stock presently has an average rating of "Hold" and a consensus target price of $16.56.

SolarEdge Technologies Stock 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 stock has a market capitalization of $1.02 billion, a PE ratio of -0.55 and a beta of 1.50. The firm's 50-day simple moving average is $15.29 and its two-hundred day simple moving average is $14.85.

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 for the quarter, topping the consensus estimate of ($1.26) by $0.12. SolarEdge Technologies had a negative net margin of 192.13% and a negative return on equity of 95.05%. The firm 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 company posted ($1.90) EPS. The company's quarterly revenue was up 7.4% compared to the same quarter last year. On average, equities research analysts expect that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman More Avery bought 30,000 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was bought at an average price of $13.70 per share, with a total value of $411,000.00. Following the purchase, the chairman now directly owns 274,478 shares of the company's stock, valued at approximately $3,760,348.60. This represents a 12.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.67% of the company's stock.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors have recently modified their holdings of SEDG. Bayforest Capital Ltd lifted its stake in shares of SolarEdge Technologies by 367.3% in the 1st quarter. Bayforest Capital Ltd now owns 57,036 shares of the semiconductor company's stock valued at $923,000 after purchasing an additional 44,831 shares during the last quarter. Caxton Associates LLP bought a new position in SolarEdge Technologies in the 1st quarter worth $4,164,000. Goldman Sachs Group Inc. raised its holdings in SolarEdge Technologies by 8.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 997,962 shares of the semiconductor company's stock worth $16,147,000 after acquiring an additional 79,461 shares during the period. Jones Financial Companies Lllp raised its holdings in SolarEdge Technologies by 5,736.7% in the 1st quarter. Jones Financial Companies Lllp now owns 142,474 shares of the semiconductor company's stock worth $2,305,000 after acquiring an additional 140,033 shares during the period. Finally, Interval Partners LP raised its holdings in SolarEdge Technologies by 249.4% in the 1st quarter. Interval Partners LP now owns 76,387 shares of the semiconductor company's stock worth $1,236,000 after acquiring an additional 54,523 shares during the period. Institutional investors and hedge funds 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.