SolarEdge Technologies (NASDAQ:SEDG) Hits New 52-Week High Following Analyst Upgrade

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) reached a new 52-week high during trading on Tuesday after Susquehanna raised their price target on the stock from $14.00 to $26.00. Susquehanna currently has a neutral rating on the stock. SolarEdge Technologies traded as high as $31.31 and last traded at $30.76, with a volume of 3845356 shares trading hands. The stock had previously closed at $28.83.

A number of other equities research analysts also recently issued reports on the stock. Jefferies Financial Group increased their target price on shares of SolarEdge Technologies from $10.00 to $18.00 and gave the stock an “underperform” rating in a research report on Monday, July 14th. Morgan Stanley reiterated an “underweight” rating and issued a $10.00 target price on shares of SolarEdge Technologies in a research report on Wednesday, April 23rd. Glj Research downgraded shares of SolarEdge Technologies from a “hold” rating to a “strong sell” rating and set a $6.90 target price for the company. in a research report on Tuesday, June 17th. Canaccord Genuity Group increased their target price on shares of SolarEdge Technologies from $14.00 to $16.50 and gave the stock a “hold” rating in a research report on Wednesday, May 7th. Finally, Guggenheim reiterated a “sell” rating and issued a $5.00 target price on shares of SolarEdge Technologies in a research report on Wednesday, April 23rd. Eleven research analysts have rated the stock with a sell rating and eighteen have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $17.92.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors have recently modified their holdings of SEDG. Fifth Third Bancorp boosted its holdings in shares of SolarEdge Technologies by 93.7% in the first quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 790 shares during the period. Edmond DE Rothschild Holding S.A. lifted its position in shares of SolarEdge Technologies by 60.0% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 600 shares in the last quarter. Millstone Evans Group LLC bought a new stake in shares of SolarEdge Technologies in the fourth quarter worth $27,000. Banque Cantonale Vaudoise bought a new stake in shares of SolarEdge Technologies in the first quarter worth $35,000. Finally, Public Employees Retirement System of Ohio lifted its position in shares of SolarEdge Technologies by 21.5% in the second quarter. Public Employees Retirement System of Ohio now owns 2,868 shares of the semiconductor company’s stock worth $59,000 after purchasing an additional 508 shares in the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

The stock’s 50-day moving average price is $21.24 and its 200 day moving average price is $17.16. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.04 and a quick ratio of 1.39. The firm has a market cap of $1.88 billion, a P/E ratio of -1.06 and a beta of 1.62.

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

About SolarEdge Technologies

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.