SolarEdge Technologies, Inc. (NASDAQ:SEDG) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday, July 20th. The brokerage currently has $25.00 price target on the semiconductor company’s stock.
According to Zacks, “SolarEdge Technologies, Inc. provides inverter solution. The company’s SolarEdge system offers power optimizers, inverters and a cloud-based monitoring platform. It serves residential solar installations to commercial and small utility-scale solar installations. SolarEdge Technologies, Inc. is headquartered in Hod Hasharon, Israel. “
A number of other equities analysts have also weighed in on SEDG. FBR & Co set a $18.00 price objective on shares of SolarEdge Technologies and gave the stock a hold rating in a report on Saturday, May 13th. UBS AG upgraded shares of SolarEdge Technologies from a market perform rating to an outperform rating in a research note on Tuesday, July 18th. BidaskClub upgraded shares of SolarEdge Technologies from a hold rating to a buy rating in a research note on Wednesday, July 12th. JMP Securities boosted their target price on shares of SolarEdge Technologies from $22.00 to $25.00 and gave the company a market outperform rating in a research note on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. upgraded shares of SolarEdge Technologies from a market perform rating to an outperform rating and set a $25.00 target price for the company in a research note on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and three have given a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $23.11.
SolarEdge Technologies (SEDG) opened at 28.05 on Thursday. The stock has a 50 day moving average price of $21.70 and a 200 day moving average price of $17.09. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 27.88 and a beta of 0.04. SolarEdge Technologies has a 12-month low of $11.35 and a 12-month high of $28.80.
SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.18. SolarEdge Technologies had a net margin of 12.64% and a return on equity of 21.01%. The company had revenue of $136.10 million during the quarter, compared to analyst estimates of $125.07 million. During the same period in the previous year, the business earned $0.44 EPS. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, analysts expect that SolarEdge Technologies will post $1.77 EPS for the current year.
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In related news, Director More Avery sold 20,000 shares of the company’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $19.30, for a total value of $386,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Lior Handelsman sold 5,000 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $21.44, for a total transaction of $107,200.00. Following the completion of the transaction, the vice president now directly owns 251,814 shares of the company’s stock, valued at approximately $5,398,892.16. The disclosure for this sale can be found here. Insiders sold a total of 114,018 shares of company stock valued at $2,757,847 in the last ninety days. 16.40% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Sei Investments Co. increased its position in shares of SolarEdge Technologies by 380.4% in the second quarter. Sei Investments Co. now owns 6,005 shares of the semiconductor company’s stock valued at $120,000 after buying an additional 4,755 shares in the last quarter. AQR Capital Management LLC purchased a new position in shares of SolarEdge Technologies during the fourth quarter valued at $138,000. Edmond DE Rothschild Holding S.A. purchased a new position in shares of SolarEdge Technologies during the first quarter valued at $173,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of SolarEdge Technologies during the first quarter valued at $178,000. Finally, CAPROCK Group Inc. purchased a new position in shares of SolarEdge Technologies during the first quarter valued at $196,000. 57.28% of the stock is owned by institutional investors.
About SolarEdge Technologies
SolarEdge Technologies, Inc offers an inverter solution for a solar photovoltaic (PV) system. The Company’s products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management.
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