SolarEdge Technologies Inc. (SEDG) Trading Down 6.1%
SolarEdge Technologies Inc. (NASDAQ:SEDG)’s share price fell 6.1% during trading on Thursday . The stock traded as low as $16.03 and last traded at $16.16, with a volume of 1,605,994 shares trading hands. The stock had previously closed at $17.21.
Several brokerages have recently commented on SEDG. Barclays PLC lowered SolarEdge Technologies to a “buy” rating in a research note on Monday, June 20th. Goldman Sachs Group Inc. lowered SolarEdge Technologies from a “buy” rating to a “neutral” rating and cut their target price for the company from $42.00 to $25.00 in a research note on Tuesday, May 10th. FBR & Co reiterated a “buy” rating and issued a $38.00 target price on shares of SolarEdge Technologies in a research note on Thursday, June 16th. JPMorgan Chase & Co. set a $31.00 target price on SolarEdge Technologies and gave the company a “buy” rating in a research note on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating on shares of SolarEdge Technologies in a research note on Monday, June 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. SolarEdge Technologies has an average rating of “Buy” and an average target price of $31.08.
The firm has a market cap of $703.00 million and a price-to-earnings ratio of 12.06. The firm has a 50 day moving average price of $19.03 and a 200 day moving average price of $23.13.
SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Monday, May 9th. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.41 by $0.10. During the same period in the prior year, the business earned $0.20 earnings per share. The business earned $125.20 million during the quarter, compared to analyst estimates of $123.23 million. The firm’s quarterly revenue was up 44.9% compared to the same quarter last year. Equities research analysts forecast that SolarEdge Technologies Inc. will post $1.70 EPS for the current fiscal year.
In other news, VP Yoav Galin sold 10,874 shares of the firm’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 completion of the sale, the vice president now directly owns 444,166 shares of the company’s stock, valued at approximately $9,331,927.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Other institutional investors have recently modified their holdings of the company. Alpine Woods Capital Investors LLC purchased a new position in shares of SolarEdge Technologies during the fourth quarter valued at about $1,220,000. Schroder Investment Management Group purchased a new position in shares of SolarEdge Technologies during the fourth quarter valued at about $1,569,000. Finally, Morgan Stanley boosted its position 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 in 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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