SolarEdge Technologies Inc. (SEDG) Shares Down 2.8%
Shares of SolarEdge Technologies Inc. (NASDAQ:SEDG) traded down 2.8% during mid-day trading on Wednesday . The company traded as low as $17.40 and last traded at $17.74, with a volume of 268,281 shares trading hands. The stock had previously closed at $18.26.
A number of analysts recently issued reports on the company. Canaccord Genuity reiterated a “buy” rating and issued a $27.00 price target on shares of SolarEdge Technologies in a report on Tuesday. Deutsche Bank AG lowered their price target on SolarEdge Technologies from $27.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, August 10th. Barclays PLC lowered their price target on SolarEdge Technologies from $28.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, August 10th. Needham & Company LLC lowered their target price on SolarEdge Technologies from $36.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, August 10th. Finally, FBR & Co lowered their target price on SolarEdge Technologies from $38.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday, August 10th. 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 company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $27.50.
The stock’s 50-day moving average is $18.65 and its 200-day moving average is $22.68. The stock has a market cap of $724.18 million and a PE ratio of 10.27.
SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Tuesday, August 9th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. During the same quarter in the prior year, the firm posted $0.31 earnings per share. The firm earned $124.80 million during the quarter, compared to analysts’ expectations of $129.63 million. SolarEdge Technologies’s quarterly revenue was up 26.8% on a year-over-year basis. On average, analysts predict that SolarEdge Technologies Inc. will post $1.94 earnings per share for the current year.
In related news, VP Yoav Galin sold 10,874 shares of the business’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $21.01, for a total value of $228,462.74. Following the sale, the vice president now directly owns 444,166 shares in the company, valued at $9,331,927.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Other large investors recently modified their holdings of the company. Schroder Investment Management Group bought a new stake in shares of SolarEdge Technologies during the fourth quarter valued at $1,569,000. Alpine Woods Capital Investors LLC bought a new stake in shares of SolarEdge Technologies during the fourth quarter valued at $1,220,000. Finally, Morgan Stanley boosted its stake in shares of 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.