SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down – Here’s What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped down before the market opened on Monday . The stock had previously closed at $13.35, but opened at $12.82. SolarEdge Technologies shares last traded at $12.82, with a volume of 734,597 shares.

Wall Street Analyst Weigh In

SEDG has been the topic of several research reports. Royal Bank of Canada decreased their target price on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 15th. Mizuho downgraded SolarEdge Technologies from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $35.00 to $11.00 in a report on Thursday, November 7th. TD Cowen cut their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. BMO Capital Markets cut their price target on SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a report on Thursday, November 7th. Finally, Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $9.00 in a report on Thursday, November 7th. Nine investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $22.04.

SolarEdge Technologies Stock Down 6.8 %

The firm has a 50 day simple moving average of $15.24 and a two-hundred day simple moving average of $23.41. The company has a market capitalization of $720.90 million, a PE ratio of -0.46 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. During the same quarter last year, the business posted ($1.03) earnings per share. The company’s revenue for the quarter was down 64.0% compared to the same quarter last year. Research analysts expect that SolarEdge Technologies, Inc. will post -19.18 EPS for the current year.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were purchased at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Institutional investors have recently modified their holdings of the business. International Assets Investment Management LLC purchased a new stake in shares of SolarEdge Technologies in the second quarter valued at approximately $28,000. KBC Group NV boosted its stake in shares of SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 1,378 shares in the last quarter. US Bancorp DE boosted its stake in shares of SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after buying an additional 4,834 shares in the last quarter. GFG Capital LLC purchased a new stake in shares of SolarEdge Technologies in the third quarter valued at approximately $229,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of SolarEdge Technologies in the third quarter valued at approximately $278,000. 95.10% of the stock is currently 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.