SolarEdge Technologies (NASDAQ:SEDG) Reaches New 12-Month High – Still a Buy?

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price hit a new 52-week high during mid-day trading on Saturday . The stock traded as high as $32.59 and last traded at $30.06, with a volume of 13686228 shares. The stock had previously closed at $25.67.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SEDG. Mizuho lifted their target price on shares of SolarEdge Technologies from $18.00 to $29.00 and gave the stock a “neutral” rating in a report on Monday, July 14th. Jefferies Financial Group lifted their price target on shares of SolarEdge Technologies from $10.00 to $18.00 and gave the stock an “underperform” rating in a research note on Monday, July 14th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $27.00 price target on shares of SolarEdge Technologies in a research note on Wednesday, July 9th. UBS Group lifted their price target on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 10th. Finally, Roth Capital lifted their price target on shares of SolarEdge Technologies from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 5th. Ten investment analysts have rated the stock with a sell rating and nineteen have assigned a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.70.

SolarEdge Technologies Trading Up 17.1%

The firm has a market capitalization of $1.78 billion, a P/E ratio of -1.00 and a beta of 1.56. The stock’s 50-day simple moving average is $24.15 and its two-hundred day simple moving average is $18.68. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.94 and a quick ratio of 1.42.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Thursday, August 7th. The semiconductor company reported ($0.81) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.81). The business had revenue of $289.43 million during the quarter, compared to analyst estimates of $270.03 million. SolarEdge Technologies had a negative net margin of 177.64% and a negative return on equity of 191.53%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the business posted ($1.79) earnings per share. Equities research analysts expect that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds have recently modified their holdings of SEDG. Vanguard Group Inc. lifted its holdings in shares of SolarEdge Technologies by 4.4% in the first quarter. Vanguard Group Inc. now owns 3,028,018 shares of the semiconductor company’s stock worth $48,993,000 after buying an additional 126,246 shares in the last quarter. Ion Asset Management Ltd. lifted its holdings in shares of SolarEdge Technologies by 135.9% in the first quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company’s stock worth $33,695,000 after buying an additional 1,199,801 shares in the last quarter. Menora Mivtachim Holdings LTD. lifted its holdings in shares of SolarEdge Technologies by 213.4% in the second quarter. Menora Mivtachim Holdings LTD. now owns 1,490,637 shares of the semiconductor company’s stock worth $30,409,000 after buying an additional 1,015,017 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of SolarEdge Technologies by 9.6% in the second quarter. Legal & General Group Plc now owns 1,424,788 shares of the semiconductor company’s stock worth $29,066,000 after buying an additional 124,591 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of SolarEdge Technologies in the fourth quarter worth $17,909,000. 95.10% of the stock is currently owned by institutional investors.

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.