SolarEdge Technologies (NASDAQ:SEDG) Shares Up 9.2% - Should You Buy?

Key Points

• SolarEdge Technologies shares increased by 9.2% in mid-day trading, reaching a price of $27.25, despite a 26% decline in trading volume compared to its average.
• Recent analyst activity includes upgrades from KeyCorp and Mizuho, with Mizuho raising the price target for the stock to $29.00, while Glj Research issued a downgrade to a "strong sell" rating.
• The company's latest earnings report showed sales growth of 7.4% year-over-year, with a reported revenue of $219.48 million, surpassing analysts' estimates.

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s stock price traded up 9.2% during mid-day trading on Wednesday . The company traded as high as $27.22 and last traded at $27.25. 3,611,402 shares were traded during trading, a decline of 26% from the average session volume of 4,854,260 shares. The stock had previously closed at $24.95.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Guggenheim restated a "sell" rating and issued a $5.00 price target on shares of SolarEdge Technologies in a research report on Wednesday, April 23rd. Morgan Stanley reissued an "underweight" rating and set a $10.00 price target on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. 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. Northland Capmk raised SolarEdge Technologies from a "strong sell" rating to a "hold" rating in a research note on Friday, May 23rd. Finally, Glj Research lowered SolarEdge Technologies from a "hold" rating to a "strong sell" rating and set a $6.90 price target for the company. in a research note on Tuesday, June 17th. Eleven investment analysts have rated the stock with a sell rating and eighteen have assigned a hold rating to the company. According to MarketBeat, SolarEdge Technologies has a consensus rating of "Hold" and a consensus price target of $17.92.

SolarEdge Technologies Stock Down 0.4%

The company has a quick ratio of 1.39, a current ratio of 2.04 and a debt-to-equity ratio of 0.62. The stock has a market cap of $1.51 billion, a PE ratio of -0.85 and a beta of 1.56. The business has a 50 day moving average price of $22.44 and a 200 day moving average price of $17.80.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, topping analysts' consensus estimates of ($1.26) by $0.12. SolarEdge Technologies had a negative return on equity of 127.53% and a negative net margin of 182.81%. The firm had revenue of $219.48 million for the quarter, compared to the consensus estimate of $205.39 million. During the same quarter in the prior year, the business earned ($1.90) earnings per share. The company's revenue was up 7.4% compared to the same quarter last year. Equities research analysts expect that SolarEdge Technologies, Inc. will post -4.54 EPS for the current fiscal year.

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. purchased a new position in SolarEdge Technologies in the fourth quarter worth approximately $17,909,000. Ion Asset Management Ltd. grew its stake in shares of SolarEdge Technologies by 135.9% in the first quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company's stock valued at $33,695,000 after buying an additional 1,199,801 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in SolarEdge Technologies by 10,038.2% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,109,225 shares of the semiconductor company's stock valued at $17,945,000 after buying an additional 1,098,284 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in SolarEdge Technologies by 14.9% in the 4th 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 acquiring an additional 641,915 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of SolarEdge Technologies by 67.6% in the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company's stock worth $17,262,000 after acquiring an additional 512,035 shares during the period. Hedge funds and other institutional investors own 95.10% of the company's stock.

SolarEdge Technologies Company Profile

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.