SolarEdge Technologies, Inc. (SEDG) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research cut shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) from a strong-buy rating to a hold rating in a report published on Wednesday morning.
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. “
SEDG has been the subject of a number of other research reports. Axiom Securities restated a sell rating on shares of SolarEdge Technologies in a research report on Thursday, August 31st. Barclays PLC restated an overweight rating and set a $28.00 target price (up previously from $21.00) on shares of SolarEdge Technologies in a research report on Wednesday, August 9th. Cowen and Company restated a buy rating and set a $31.00 target price (up previously from $24.00) on shares of SolarEdge Technologies in a research report on Thursday, August 3rd. Roth Capital upgraded SolarEdge Technologies from a neutral rating to a buy rating and set a $26.00 target price for the company in a research report on Thursday, July 27th. Finally, Needham & Company LLC restated a buy rating and set a $30.00 target price on shares of SolarEdge Technologies in a research report on Tuesday, September 12th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $23.11.
Shares of SolarEdge Technologies (NASDAQ:SEDG) remained flat at $28.75 on Wednesday. 289,408 shares of the company’s stock traded hands. The firm has a market capitalization of $1.21 billion, a P/E ratio of 25.49 and a beta of 0.03. The firm has a 50 day moving average price of $27.53 and a 200 day moving average price of $27.53. SolarEdge Technologies has a 12-month low of $11.35 and a 12-month high of $29.80.
SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.18. SolarEdge Technologies had a return on equity of 21.01% and a net margin of 12.64%. The firm had revenue of $136.10 million during the quarter, compared to the consensus estimate of $125.07 million. During the same quarter in the previous year, the company posted $0.44 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. Equities research analysts forecast that SolarEdge Technologies will post $1.89 EPS for the current fiscal year.
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In related news, VP Yoav Galin sold 15,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $28.64, for a total value of $429,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Doron Inbar sold 50,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $28.00, for a total value of $1,400,000.00. Following the completion of the sale, the director now owns 223,333 shares of the company’s stock, valued at approximately $6,253,324. The disclosure for this sale can be found here. Insiders sold 185,000 shares of company stock valued at $5,062,604 in the last quarter. 16.40% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. increased its holdings in 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 purchasing an additional 4,755 shares during the last quarter. Globeflex Capital L P bought a new stake in SolarEdge Technologies in the second quarter valued at about $157,000. Edmond DE Rothschild Holding S.A. bought a new stake in SolarEdge Technologies in the first quarter valued at about $173,000. Dynamic Technology Lab Private Ltd bought a new stake in SolarEdge Technologies in the first quarter valued at about $178,000. Finally, KCG Holdings Inc. bought a new stake in SolarEdge Technologies in the first quarter valued at about $222,000. Institutional investors and hedge funds own 57.43% of the company’s stock.
SolarEdge Technologies Company Profile
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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