SolarEdge Technologies Inc. (SEDG) Shares Down 5.1%
SolarEdge Technologies Inc. (NASDAQ:SEDG)’s share price was down 5.1% during mid-day trading on Thursday . The company traded as low as $17.93 and last traded at $18.07, with a volume of 460,485 shares. The stock had previously closed at $19.04.
A number of equities analysts have recently issued reports on SEDG shares. Barclays PLC downgraded SolarEdge Technologies to a “buy” rating in a research note on Monday, June 20th. FBR & Co reaffirmed a “buy” rating and issued a $38.00 target price on shares of SolarEdge Technologies in a report on Thursday, June 16th. Needham & Company LLC reaffirmed a “buy” rating on shares of SolarEdge Technologies in a report on Monday, June 27th. Canaccord Genuity reaffirmed a “buy” rating on shares of SolarEdge Technologies in a report on Tuesday, May 10th. Finally, Zacks Investment Research raised SolarEdge Technologies from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Friday, May 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $31.33.
The stock has a 50 day moving average of $19.73 and a 200 day moving average of $23.46. The stock has a market cap of $732.73 million and a PE ratio of 12.57.
SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Monday, May 9th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.10. During the same period last year, the firm earned $0.20 earnings per share. The company had revenue of $125.20 million for the quarter, compared to analysts’ expectations of $123.23 million. SolarEdge Technologies’s quarterly revenue was up 44.9% compared to the same quarter last year. Equities analysts anticipate that SolarEdge Technologies Inc. will post $1.70 EPS for the current fiscal year.
In other news, VP Yoav Galin sold 1,626 shares of the business’s stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $21.37, for a total transaction of $34,747.62. Following the sale, the vice president now directly owns 434,959 shares of the company’s stock, valued at $9,295,073.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Other large investors recently made changes to their positions in the company. Alpine Woods Capital Investors LLC bought a new stake in shares of SolarEdge Technologies during the fourth quarter worth $1,220,000. Turner Investments L.P. bought a new stake in shares of SolarEdge Technologies during the fourth quarter worth $1,803,000. Sabal Capital Management LLC bought a new stake in shares of SolarEdge Technologies during the fourth quarter worth $8,018,000. 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 worth $3,736,000 after buying an additional 48,360 shares during the period. Finally, Schroder Investment Management Group bought a new stake in shares of SolarEdge Technologies during the fourth quarter worth $1,569,000.
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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