SolarEdge Technologies (NASDAQ:SEDG) Sees Unusually-High Trading Volume After Better-Than-Expected Earnings

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) saw strong trading volume on Wednesday after the company announced better than expected quarterly earnings. 3,536,810 shares were traded during mid-day trading, an increase of 6% from the average daily volume of 3,328,520 shares. The stock last traded at $31.5860 and had previously closed at $32.88.

The semiconductor company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.25. The firm had revenue of $325.40 million for the quarter, compared to the consensus estimate of $326.78 million. SolarEdge Technologies had a negative net margin of 20.29% and a negative return on equity of 29.17%. The firm’s revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.31) EPS.

Analysts Set New Price Targets

Several equities analysts have commented on SEDG shares. Wall Street Zen raised shares of SolarEdge Technologies from a “sell” rating to a “hold” rating in a research note on Sunday. Barclays reduced their price target on shares of SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 7th. The Goldman Sachs Group decreased their price objective on shares of SolarEdge Technologies from $34.00 to $30.00 and set a “sell” rating for the company in a report on Thursday, August 6th. Mizuho raised their price objective on shares of SolarEdge Technologies from $38.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, September 11th. Finally, Citigroup boosted their target price on SolarEdge Technologies from $25.00 to $30.00 and gave the stock a “sell” rating in a report on Monday, September 21st. Two investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, SolarEdge Technologies currently has a consensus rating of “Reduce” and a consensus price target of $38.53.

Institutional Investors Weigh In On SolarEdge Technologies

Large investors have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in SolarEdge Technologies by 0.7% in the 2nd quarter. State Street Corp now owns 1,761,901 shares of the semiconductor company’s stock valued at $102,965,000 after buying an additional 12,188 shares during the last quarter. Legal & General Group Plc acquired a new position in shares of SolarEdge Technologies during the second quarter worth approximately $76,095,000. Handelsbanken Fonder AB lifted its holdings in shares of SolarEdge Technologies by 16.6% during the second quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company’s stock worth $71,905,000 after buying an additional 175,281 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of SolarEdge Technologies during the second quarter worth approximately $55,514,000. Finally, Meitav Investment House Ltd. boosted its position in shares of SolarEdge Technologies by 541.6% in the first quarter. Meitav Investment House Ltd. now owns 1,017,551 shares of the semiconductor company’s stock valued at $51,946,000 after acquiring an additional 858,954 shares during the period. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Stock Down 3.6%

The firm has a 50-day moving average price of $32.91 and a two-hundred day moving average price of $42.20. The company has a market capitalization of $1.95 billion, a P/E ratio of -7.05 and a beta of 1.31. The company has a quick ratio of 1.38, a current ratio of 2.03 and a debt-to-equity ratio of 0.85.

About SolarEdge Technologies

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.