SolarEdge Technologies (NASDAQ:SEDG) Trading 10.6% Higher – Should You Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) rose 10.6% on Thursday . The stock traded as high as $14.38 and last traded at $14.70. Approximately 1,096,829 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 3,688,348 shares. The stock had previously closed at $13.29.

Wall Street Analysts Forecast Growth

SEDG has been the topic of several research reports. Barclays raised their target price on SolarEdge Technologies from $7.00 to $10.00 and gave the company an “underweight” rating in a research report on Tuesday, January 14th. Roth Mkm dropped their price objective on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. JPMorgan Chase & Co. dropped their price objective on SolarEdge Technologies from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. Susquehanna dropped their price objective on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group lifted their target price on SolarEdge Technologies from $16.00 to $18.00 and gave the company a “hold” rating in a report on Tuesday, January 7th. Eight equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and an average target price of $20.84.

SolarEdge Technologies Price Performance

The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The company has a 50-day simple moving average of $14.20 and a 200-day simple moving average of $17.55. The company has a market cap of $948.06 million, a price-to-earnings ratio of -0.56 and a beta of 1.56.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Millstone Evans Group LLC purchased a new stake in SolarEdge Technologies in the 4th quarter valued at approximately $27,000. Jones Financial Companies Lllp lifted its position in shares of SolarEdge Technologies by 401.2% during the fourth quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 1,954 shares during the last quarter. KBC Group NV lifted its holdings in SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after acquiring an additional 1,378 shares during the last quarter. Y.D. More Investments Ltd lifted its holdings in SolarEdge Technologies by 251.8% in the fourth quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company’s stock worth $53,000 after acquiring an additional 2,770 shares during the last quarter. Finally, R Squared Ltd bought a new stake in shares of SolarEdge Technologies during the fourth quarter valued at approximately $61,000. 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.