SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up before the market opened on Wednesday . The stock had previously closed at $16.93, but opened at $22.77. SolarEdge Technologies shares last traded at $21.33, with a volume of 9,086,300 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SEDG. Citigroup restated a “sell” rating and issued a $9.00 target price (down from $12.00) on shares of SolarEdge Technologies in a research note on Wednesday, January 8th. JPMorgan Chase & Co. lowered their target price on SolarEdge Technologies from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Susquehanna lifted their price target on shares of SolarEdge Technologies from $13.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday. Jefferies Financial Group boosted their price target on shares of SolarEdge Technologies from $9.00 to $12.00 and gave the company an “underperform” rating in a research note on Friday. Finally, Roth Mkm raised their price objective on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday. Ten analysts have rated the stock with a sell rating, sixteen have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, SolarEdge Technologies currently has an average rating of “Hold” and an average price target of $21.65.

SolarEdge Technologies Stock Performance

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 $1.02 billion, a PE ratio of -0.56 and a beta of 1.56. The company’s 50 day moving average price is $14.50 and its 200-day moving average price is $17.29.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. PharVision Advisers LLC purchased a new stake in shares of SolarEdge Technologies during the fourth quarter worth $256,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in SolarEdge Technologies by 6.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 241,346 shares of the semiconductor company’s stock worth $3,282,000 after purchasing an additional 15,549 shares in the last quarter. Voloridge Investment Management LLC boosted its stake in SolarEdge Technologies by 1.4% in the 4th quarter. Voloridge Investment Management LLC now owns 866,206 shares of the semiconductor company’s stock worth $11,780,000 after purchasing an additional 11,926 shares during the period. Sphera Management Technology Funds Ltd purchased a new position in SolarEdge Technologies during the 4th quarter valued at about $816,000. Finally, Two Sigma Advisers LP increased its position in shares of SolarEdge Technologies by 1.6% during the fourth quarter. Two Sigma Advisers LP now owns 1,160,400 shares of the semiconductor company’s stock valued at $15,781,000 after buying an additional 18,300 shares during the period. 95.10% of the stock is owned by 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.