SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down – Should You Sell?

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $23.98, but opened at $15.53. SolarEdge Technologies shares last traded at $15.71, with a volume of 6,626,354 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Royal Bank of Canada lifted their target price on SolarEdge Technologies from $14.00 to $15.00 and gave the company a “sector perform” rating in a research note on Thursday, February 20th. Canaccord Genuity Group increased their price objective on SolarEdge Technologies from $14.00 to $16.50 and gave the stock a “hold” rating in a report on Wednesday, May 7th. BMO Capital Markets downgraded SolarEdge Technologies from a “market perform” rating to an “underperform” rating and boosted their target price for the company from $13.00 to $15.00 in a research note on Thursday, February 20th. UBS Group lifted their price target on SolarEdge Technologies from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, June 10th. Finally, Northland Capmk upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, May 23rd. Twelve equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $16.96.

SolarEdge Technologies Stock Performance

The company has a fifty day moving average of $16.32 and a two-hundred day moving average of $15.51. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.46 and a current ratio of 1.95. The company has a market cap of $921.09 million, a price-to-earnings ratio of -0.50 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.12. The business had revenue of $219.48 million during the quarter, compared to the consensus estimate of $205.39 million. SolarEdge Technologies had a negative return on equity of 95.05% and a negative net margin of 192.13%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.90) EPS. Equities research analysts anticipate that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its holdings in SolarEdge Technologies by 2,680.8% during the first quarter. GAMMA Investing LLC now owns 146,380 shares of the semiconductor company’s stock valued at $2,368,000 after purchasing an additional 141,116 shares during the period. Teza Capital Management LLC raised its stake in shares of SolarEdge Technologies by 59.1% during the 4th quarter. Teza Capital Management LLC now owns 50,052 shares of the semiconductor company’s stock valued at $681,000 after purchasing an additional 18,602 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in 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. Headlands Technologies LLC purchased a new position in SolarEdge Technologies during the 4th quarter valued at about $257,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of SolarEdge Technologies by 79.6% in the fourth quarter. Renaissance Technologies LLC now owns 627,700 shares of the semiconductor company’s stock worth $8,537,000 after buying an additional 278,200 shares in the last quarter. Institutional investors 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.