SolarEdge Technologies Inc. (NASDAQ:SEDG) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totalling 9,906,057 shares, an increase of 22.0% from the September 15th total of 8,120,565 shares. Approximately 40.2% of the company’s stock are sold short. Based on an average daily volume of 1,065,725 shares, the days-to-cover ratio is presently 9.3 days.

Several hedge funds have recently modified their holdings of the company. NN Investment Partners Holdings N.V. bought a new stake in shares of SolarEdge Technologies during the second quarter valued at approximately $4,527,000. JPMorgan Chase & Co. bought a new stake in shares of SolarEdge Technologies during the first quarter valued at approximately $2,410,000. Guinness Asset Management Ltd increased its stake in shares of SolarEdge Technologies by 42.1% in the second quarter. Guinness Asset Management Ltd now owns 8,100 shares of the company’s stock valued at $159,000 after buying an additional 2,400 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of SolarEdge Technologies by 2.1% in the second quarter. PNC Financial Services Group Inc. now owns 142,175 shares of the company’s stock valued at $2,786,000 after buying an additional 2,950 shares during the period. Finally, Swiss National Bank increased its stake in shares of SolarEdge Technologies by 50.0% in the second quarter. Swiss National Bank now owns 34,800 shares of the company’s stock valued at $682,000 after buying an additional 11,600 shares during the period. 60.54% of the stock is owned by hedge funds and other institutional investors.

SEDG has been the subject of a number of analyst reports. JPMorgan Chase & Co. set a $31.00 price target on SolarEdge Technologies and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Needham & Company LLC restated a “buy” rating on shares of SolarEdge Technologies in a research note on Monday, June 27th. JMP Securities restated a “buy” rating on shares of SolarEdge Technologies in a research note on Friday, September 23rd. Canaccord Genuity restated a “buy” rating and issued a $27.00 price target on shares of SolarEdge Technologies in a research note on Friday, September 23rd. Finally, Deutsche Bank AG decreased their price target on SolarEdge Technologies from $27.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, August 10th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $23.83.

Shares of SolarEdge Technologies (NASDAQ:SEDG) opened at 14.20 on Wednesday. The firm has a market capitalization of $580.75 million, a PE ratio of 8.21 and a beta of -0.44. The company’s 50-day moving average price is $16.21 and its 200 day moving average price is $19.68. SolarEdge Technologies has a 12-month low of $13.90 and a 12-month high of $30.50.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. The firm earned $124.80 million during the quarter, compared to the consensus estimate of $129.63 million. SolarEdge Technologies had a return on equity of 31.51% and a net margin of 15.64%. The company’s quarterly revenue was up 26.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.31 earnings per share. On average, equities analysts forecast that SolarEdge Technologies will post $1.89 earnings per share for the current year.

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.

5 Day Chart for NASDAQ:SEDG

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