SolarEdge Technologies Inc. (SEDG) Shares Up 6%
SolarEdge Technologies Inc. (NASDAQ:SEDG) shares shot up 6% during trading on Friday . The stock traded as high as $17.54 and last traded at $17.47, with a volume of 449,884 shares changing hands. The stock had previously closed at $16.48.
Several research firms have recently commented on SEDG. Goldman Sachs Group Inc. lowered shares of SolarEdge Technologies from a “buy” rating to a “neutral” rating and decreased their price target for the company from $42.00 to $25.00 in a report on Tuesday, May 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 price target (down from $38.00) on shares of SolarEdge Technologies in a report on Tuesday, May 10th. TheStreet lowered shares of SolarEdge Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, June 1st. Barclays PLC reaffirmed an “overweight” rating and issued a $28.00 price target (down from $35.00) on shares of SolarEdge Technologies in a report on Tuesday, June 21st. Finally, FBR & Co reaffirmed a “buy” rating and issued a $38.00 price target on shares of SolarEdge Technologies in a report on Thursday, June 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. SolarEdge Technologies has an average rating of “Buy” and a consensus target price of $31.08.
The stock has a market capitalization of $703.00 million and a PE ratio of 12.06. The stock’s 50-day moving average price is $19.13 and its 200-day moving average price is $23.18.
SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Monday, May 9th. The company reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.10. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The firm earned $125.20 million during the quarter, compared to analyst estimates of $123.23 million. SolarEdge Technologies’s quarterly revenue was up 44.9% compared to the same quarter last year. On average, equities research analysts predict that SolarEdge Technologies Inc. will post $1.70 earnings per share 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Other institutional investors recently added to or reduced their stakes in the company. Schroder Investment Management Group bought a new position in SolarEdge Technologies during the fourth quarter valued at approximately $1,569,000. Alpine Woods Capital Investors LLC bought a new position in SolarEdge Technologies during the fourth quarter valued at approximately $1,220,000. Finally, Morgan Stanley boosted its position 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 during the last quarter.
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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