SolarEdge Technologies Inc. (SEDG) Shares Down 6.1%
SolarEdge Technologies Inc. (NASDAQ:SEDG) dropped 6.1% during mid-day trading on Thursday . The company traded as low as $16.03 and last traded at $16.16, with a volume of 1,605,994 shares. The stock had previously closed at $17.21.
SEDG has been the subject of a number of research reports. JPMorgan Chase & Co. set a $31.00 target price on shares of SolarEdge Technologies and gave the stock a “buy” rating in a report on Wednesday. Barclays PLC lowered shares of SolarEdge Technologies to a “buy” rating in a report on Monday, June 20th. FBR & Co reissued a “buy” rating on shares of SolarEdge Technologies in a report on Tuesday, May 10th. Needham & Company LLC reissued a “buy” rating on shares of SolarEdge Technologies in a report on Monday, June 27th. Finally, TheStreet lowered shares of SolarEdge Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, June 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $31.08.
The company has a market capitalization of $671.23 million and a P/E ratio of 11.52. The firm has a 50-day moving average of $19.26 and a 200 day moving average of $23.22.
SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Monday, May 9th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.10. The business earned $125.20 million during the quarter, compared to analyst estimates of $123.23 million. During the same period in the previous year, the company earned $0.20 earnings per share. The business’s revenue for the quarter was up 44.9% on a year-over-year basis. On average, equities research analysts forecast that SolarEdge Technologies Inc. will post $1.70 EPS for the current year.
In other SolarEdge Technologies news, VP Yoav Galin sold 10,874 shares of the company’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $21.01, for a total value of $228,462.74. Following the transaction, the vice president now directly owns 444,166 shares of the company’s stock, valued at approximately $9,331,927.66. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.
Several large investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its stake in SolarEdge Technologies by 2,569.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 51,251 shares of the company’s stock valued at $1,444,000 after buying an additional 49,331 shares in the last quarter. Morgan Stanley raised its stake in SolarEdge Technologies by 29.5% in the fourth quarter. Morgan Stanley now owns 37,784 shares of the company’s stock valued at $1,064,000 after buying an additional 8,612 shares in the last quarter. Schroder Investment Management Group purchased a new stake in SolarEdge Technologies during the fourth quarter valued at about $1,569,000. Finally, Alpine Woods Capital Investors LLC purchased a new stake in SolarEdge Technologies during the fourth quarter valued at about $1,220,000.
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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