SolarEdge Technologies Inc. (SEDG) Trading 6% Higher
SolarEdge Technologies Inc. (NASDAQ:SEDG) traded up 6% on Friday . The company 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.
A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. set a $31.00 price target on shares of SolarEdge Technologies and gave the company a “buy” rating in a report on Wednesday. Needham & Company LLC reissued a “buy” rating on shares of SolarEdge Technologies in a report on Monday, June 27th. Barclays PLC downgraded shares of SolarEdge Technologies to a “buy” rating in a report on Monday, June 20th. FBR & Co reissued a “buy” rating and issued a $38.00 price target on shares of SolarEdge Technologies in a report on Thursday, June 16th. Finally, TheStreet downgraded shares of SolarEdge Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, June 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. SolarEdge Technologies presently has a consensus rating of “Buy” and an average target price of $31.08.
The company has a market capitalization of $703.00 million and a price-to-earnings ratio of 12.06. The stock 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 announced its earnings results on Monday, May 9th. The company reported $0.51 earnings per share 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. The business’s quarterly revenue was up 44.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 earnings per share. On average, equities research analysts anticipate that SolarEdge Technologies Inc. will post $1.70 EPS for the current fiscal year.
In related news, VP Yoav Galin sold 1,626 shares of SolarEdge Technologies stock in a transaction dated Thursday, June 2nd. The stock was 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 SEC, which is available through the SEC website.
A number of hedge funds have recently made changes to their positions in SEDG. Alpine Woods Capital Investors LLC purchased a new stake in shares of SolarEdge Technologies during the fourth quarter worth approximately $1,220,000. Schroder Investment Management Group purchased a new stake in shares of SolarEdge Technologies during the fourth quarter worth approximately $1,569,000. Finally, Morgan Stanley raised 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 worth $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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.