SolarEdge Technologies Inc. (SEDG) Shares Up 3.7%
Shares of SolarEdge Technologies Inc. (NASDAQ:SEDG) shot up 3.7% during mid-day trading on Wednesday . The company traded as high as $19.39 and last traded at $19.34, with a volume of 421,428 shares traded. The stock had previously closed at $18.65.
A number of brokerages recently issued reports on SEDG. Barclays PLC lowered shares of SolarEdge Technologies to a “buy” rating in a research report on Monday, June 20th. Goldman Sachs Group Inc. lowered shares of SolarEdge Technologies from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $42.00 to $25.00 in a research report on Tuesday, May 10th. FBR & Co restated a “buy” rating and set a $38.00 target price on shares of SolarEdge Technologies in a research report on Thursday, June 16th. Needham & Company LLC restated a “buy” rating on shares of SolarEdge Technologies in a research report on Monday, June 27th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of SolarEdge Technologies in a research note on Tuesday, May 10th. One 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. The stock presently has a consensus rating of “Buy” and a consensus target price of $31.33.
The firm has a market cap of $780.39 million and a price-to-earnings ratio of 13.39. The company’s 50-day moving average price is $20.22 and its 200 day moving average price is $23.84.
SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Monday, May 9th. The company reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.10. The company had revenue of $125.20 million for the quarter, compared to analyst estimates of $123.23 million. SolarEdge Technologies’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.20 earnings per share. On average, analysts forecast that SolarEdge Technologies Inc. will post $1.72 earnings per share for the current year.
In other SolarEdge Technologies news, VP Meir Adest sold 2,735 shares of the business’s stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $27.73, for a total value of $75,841.55. Following the sale, the vice president now owns 331,646 shares of the company’s stock, valued at approximately $9,196,543.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Yoav Galin sold 10,874 shares of the business’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $21.01, for a total transaction of $228,462.74. Following the completion of the sale, the vice president now directly owns 444,166 shares in the company, valued at approximately $9,331,927.66. The disclosure for this sale can be found here.
A number of large investors have made changes to their positions in SEDG. Ecofin Ltd. raised its stake in shares of SolarEdge Technologies by 232.6% in the fourth quarter. Ecofin Ltd. now owns 837,398 shares of the company’s stock valued at $23,590,000 after buying an additional 585,657 shares during the period. Sabal Capital Management LLC acquired a new stake in shares of SolarEdge Technologies during the fourth quarter valued at about $8,018,000. GAM Holding AG raised its stake in shares of SolarEdge Technologies by 60.3% in the fourth quarter. GAM Holding AG now owns 136,570 shares of the company’s stock valued at $3,847,000 after buying an additional 51,380 shares during the period. BHF Kleinwort Benson Group S.A. raised 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. Finally, Turner Investments L.P. acquired a new stake in shares of SolarEdge Technologies during the fourth quarter valued at about $1,803,000.
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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