SolarEdge Technologies Inc. (SEDG) Now Covered by Axiom Securities
Axiom Securities assumed coverage on shares of SolarEdge Technologies Inc. (NASDAQ:SEDG) in a research note issued to investors on Friday. The firm set a “sell” rating and a $10.00 price target on the stock. Axiom Securities’ price objective would indicate a potential downside of 29.28% from the company’s current price.
Other equities research analysts have also issued reports about the company. Needham & Company LLC dropped their price target on SolarEdge Technologies from $36.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. JMP Securities restated a “buy” rating on shares of SolarEdge Technologies in a research report on Friday, September 23rd. FBR & Co restated a “buy” rating and issued a $38.00 price target on shares of SolarEdge Technologies in a research report on Thursday, June 16th. Canaccord Genuity restated a “buy” rating and issued a $27.00 price target on shares of SolarEdge Technologies in a research report on Tuesday, August 16th. Finally, Barclays PLC lowered SolarEdge Technologies from an “overweight” rating to a “neutral” rating in a research report on Thursday, August 25th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $23.83.
Shares of SolarEdge Technologies (NASDAQ:SEDG) opened at 14.14 on Friday. The firm’s 50-day moving average price is $16.30 and its 200-day moving average price is $19.75. The company has a market capitalization of $578.30 million, a price-to-earnings ratio of 8.17 and a beta of -0.44. SolarEdge Technologies has a 12 month low of $14.02 and a 12 month high of $30.50.
SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. SolarEdge Technologies had a return on equity of 31.51% and a net margin of 15.64%. The company earned $124.80 million during the quarter, compared to analyst estimates of $129.63 million. During the same period in the previous year, the business earned $0.31 EPS. SolarEdge Technologies’s quarterly revenue was up 26.8% on a year-over-year basis. Equities research analysts expect that SolarEdge Technologies will post $1.89 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SEDG. Guinness Asset Management Ltd boosted its position in SolarEdge Technologies by 42.1% in the second quarter. Guinness Asset Management Ltd now owns 8,100 shares of the company’s stock worth $159,000 after buying an additional 2,400 shares during the period. UBS Asset Management Americas Inc. purchased a new position in SolarEdge Technologies during the second quarter worth approximately $196,000. Raymond James & Associates purchased a new position in SolarEdge Technologies during the second quarter worth approximately $207,000. Firsthand Capital Management Inc. purchased a new position in SolarEdge Technologies during the second quarter worth approximately $216,000. Finally, Quotient Investors LLC bought a new stake in shares of SolarEdge Technologies during the second quarter valued at about $220,000. Institutional investors own 60.54% of the company’s stock.
About SolarEdge Technologies
Solaredge Technologies Inc (SolarEdge) is a provider of solar power harvesting and photovoltaic (PV) monitoring solutions. The Company’s portfolio of products includes power optimizers, PV inverters and a Web portal for module-level monitoring and fault detection. Its SolarEdge power optimizer is a DC/DC converter which is connected by installers to each PV module or embedded by module manufacturers, replacing the solar junction box.
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