SolarEdge Technologies Inc. (NASDAQ:SEDG) Receives Average Rating of “Buy” from Brokerages
Shares of SolarEdge Technologies Inc. (NASDAQ:SEDG) have earned a consensus rating of “Buy” from the fifteen brokerages that are currently covering the stock. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $26.70.
SEDG has been the topic of several recent research reports. Needham & Company LLC decreased their price target on shares of SolarEdge Technologies from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, September 14th. Barclays PLC downgraded shares of SolarEdge Technologies from an “overweight” rating to a “neutral” rating in a research report on Thursday, August 25th. JMP Securities assumed coverage on shares of SolarEdge Technologies in a research report on Thursday, September 8th. They set an “outperform” rating and a $23.00 price objective on the stock. JPMorgan Chase & Co. set a $31.00 price objective on shares of SolarEdge Technologies and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Finally, FBR & Co restated a “buy” rating and set a $38.00 price objective on shares of SolarEdge Technologies in a research report on Thursday, June 16th.
Several institutional investors have recently modified their holdings of SEDG. IFP Advisors Inc boosted its position in shares of SolarEdge Technologies by 45.4% in the first quarter. IFP Advisors Inc now owns 5,396 shares of the company’s stock worth $136,000 after buying an additional 1,686 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of SolarEdge Technologies by 5.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 126,228 shares of the company’s stock worth $3,173,000 after buying an additional 6,274 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in shares of SolarEdge Technologies during the first quarter worth approximately $2,410,000. Picton Mahoney Asset Management acquired a new position in shares of SolarEdge Technologies during the first quarter worth approximately $6,211,000. Finally, Investec Asset Management LTD acquired a new position in shares of SolarEdge Technologies during the first quarter worth approximately $3,226,000. 60.46% of the stock is owned by institutional investors and hedge funds.
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SolarEdge Technologies (NASDAQ:SEDG) traded up 0.40% during mid-day trading on Wednesday, reaching $15.06. 312,506 shares of the company’s stock traded hands. SolarEdge Technologies has a 12-month low of $14.41 and a 12-month high of $30.50. The stock has a 50-day moving average price of $17.10 and a 200-day moving average price of $21.07. The stock has a market capitalization of $615.92 million, a PE ratio of 8.71 and a beta of -0.44.
SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. SolarEdge Technologies had a net margin of 15.64% and a return on equity of 31.51%. The business had revenue of $124.80 million for the quarter, compared to the consensus estimate of $129.63 million. During the same period last year, the firm earned $0.31 earnings per share. The company’s quarterly revenue was up 26.8% on a year-over-year basis. Equities research analysts expect that SolarEdge Technologies will post $1.89 EPS for the current year.
About SolarEdge Technologies
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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