SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up on Analyst Upgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up prior to trading on Monday after Jefferies Financial Group raised their price target on the stock from $10.00 to $18.00. The stock had previously closed at $25.62, but opened at $26.66. Jefferies Financial Group currently has an underperform rating on the stock. SolarEdge Technologies shares last traded at $26.57, with a volume of 1,006,893 shares.

SEDG has been the topic of several other reports. KeyCorp upgraded SolarEdge Technologies from an “underweight” rating to a “sector weight” rating in a report on Tuesday, July 8th. Glj Research downgraded SolarEdge Technologies from a “hold” rating to a “strong sell” rating and set a $6.90 price objective on the stock. in a report on Tuesday, June 17th. The Goldman Sachs Group restated a “neutral” rating and set a $27.00 price objective on shares of SolarEdge Technologies in a report on Wednesday, July 9th. JPMorgan Chase & Co. reduced their price objective on SolarEdge Technologies from $20.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. Finally, Morgan Stanley restated an “underweight” rating and set a $10.00 price objective on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Ten research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $17.44.

Institutional Trading of SolarEdge Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. U.S. Capital Wealth Advisors LLC acquired a new stake in SolarEdge Technologies during the 2nd quarter worth about $204,000. Bayforest Capital Ltd lifted its position in SolarEdge Technologies by 367.3% during the 1st quarter. Bayforest Capital Ltd now owns 57,036 shares of the semiconductor company’s stock worth $923,000 after acquiring an additional 44,831 shares during the period. Caxton Associates LLP acquired a new stake in SolarEdge Technologies during the 1st quarter worth about $4,164,000. Goldman Sachs Group Inc. lifted its position in SolarEdge Technologies by 8.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 997,962 shares of the semiconductor company’s stock worth $16,147,000 after acquiring an additional 79,461 shares during the period. Finally, Jones Financial Companies Lllp lifted its position in SolarEdge Technologies by 5,736.7% during the 1st quarter. Jones Financial Companies Lllp now owns 142,474 shares of the semiconductor company’s stock worth $2,305,000 after acquiring an additional 140,033 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Trading Up 4.3%

The stock has a 50-day simple moving average of $19.76 and a 200 day simple moving average of $16.54. The company has a current ratio of 2.04, a quick ratio of 1.39 and a debt-to-equity ratio of 0.62. The company has a market cap of $1.58 billion, a price-to-earnings ratio of -0.89 and a beta of 1.62.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.12. The company had revenue of $219.48 million during the quarter, compared to analysts’ expectations of $205.39 million. SolarEdge Technologies had a negative return on equity of 127.53% and a negative net margin of 182.81%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.90) EPS. As a group, equities research analysts predict that SolarEdge Technologies, Inc. will post -4.54 EPS for the current fiscal year.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.