SolarEdge Technologies Inc. (SEDG) Shares Down 5.9%
SolarEdge Technologies Inc. (NASDAQ:SEDG)’s share price was down 5.9% on Tuesday . The company traded as low as $18.54 and last traded at $18.55, with a volume of 582,545 shares. The stock had previously closed at $19.72.
A number of equities analysts have weighed in on SEDG shares. Needham & Company LLC restated a “buy” rating on shares of SolarEdge Technologies in a research note on Monday, June 27th. Barclays PLC cut SolarEdge Technologies to a “buy” rating in a report on Monday, June 20th. Canaccord Genuity reiterated a “buy” rating on shares of SolarEdge Technologies in a report on Tuesday, May 10th. FBR & Co reiterated a “buy” rating and issued a $38.00 price objective on shares of SolarEdge Technologies in a report on Thursday, June 16th. Finally, Zacks Investment Research upgraded SolarEdge Technologies from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Friday, May 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $31.33.
The firm’s 50 day moving average is $20.30 and its 200 day moving average is $23.87. The company has a market capitalization of $759.61 million and a P/E ratio of 13.03.
SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Monday, May 9th. The company reported $0.51 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.10. The business had revenue of $125.20 million for the quarter, compared to the consensus estimate of $123.23 million. During the same period in the prior year, the business earned $0.20 earnings per share. SolarEdge Technologies’s revenue was up 44.9% compared to the same quarter last year. On average, equities analysts predict that SolarEdge Technologies Inc. will post $1.72 earnings per share for the current fiscal year.
In other news, VP Meir Adest sold 2,735 shares of SolarEdge Technologies stock in a transaction dated Thursday, April 21st. The stock was sold at an average price of $27.73, for a total value of $75,841.55. Following the sale, the vice president now directly owns 331,646 shares of the company’s stock, valued at $9,196,543.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Yoav Galin sold 1,626 shares of SolarEdge Technologies stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $21.37, for a total value of $34,747.62. Following the completion of the sale, the vice president now directly owns 434,959 shares in the company, valued at $9,295,073.83. The disclosure for this sale can be found here.
Several large investors have recently modified their holdings of the company. Alpine Woods Capital Investors LLC purchased a new stake in shares of SolarEdge Technologies during the fourth quarter valued at about $1,220,000. Schroder Investment Management Group purchased a new stake in shares of SolarEdge Technologies during the fourth quarter valued at about $1,569,000. Sabal Capital Management LLC purchased a new stake in shares of SolarEdge Technologies during the fourth quarter valued at about $8,018,000. Turner Investments L.P. purchased a new stake in shares of SolarEdge Technologies during the fourth quarter valued at about $1,803,000. Finally, BHF Kleinwort Benson Group S.A. boosted its stake in shares of SolarEdge Technologies by 57.4% in the fourth quarter. BHF Kleinwort Benson Group S.A. now owns 132,614 shares of the company’s stock valued at $3,736,000 after buying an additional 48,360 shares during the period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.