SolarEdge Technologies Inc. (SEDG) Short Interest Update
SolarEdge Technologies Inc. (NASDAQ:SEDG) saw a significant growth in short interest in September. As of September 30th, there was short interest totalling 9,906,057 shares, a growth of 22.0% from the September 15th total of 8,120,565 shares. Currently, 40.2% of the company’s stock are sold short. Based on an average daily trading volume, of 1,065,725 shares, the short-interest ratio is presently 9.3 days.
SolarEdge Technologies (NASDAQ:SEDG) opened at 15.30 on Friday. SolarEdge Technologies has a 52 week low of $14.41 and a 52 week high of $30.50. The stock has a 50 day moving average of $16.45 and a 200 day moving average of $19.98. The stock has a market capitalization of $625.74 million, a P/E ratio of 8.84 and a beta of -0.44.
SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The business earned $124.80 million during the quarter, compared to analyst estimates of $129.63 million. SolarEdge Technologies had a net margin of 15.64% and a return on equity of 31.51%. The firm’s revenue was up 26.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 earnings per share. On average, equities research analysts predict that SolarEdge Technologies will post $1.89 earnings per share for the current fiscal year.
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Several hedge funds have recently bought and sold shares of SEDG. NN Investment Partners Holdings N.V. bought a new stake in SolarEdge Technologies during the second quarter worth about $4,527,000. JPMorgan Chase & Co. bought a new stake in SolarEdge Technologies during the first quarter worth about $2,410,000. Guinness Asset Management Ltd raised its stake in SolarEdge Technologies by 42.1% in the second quarter. Guinness Asset Management Ltd now owns 8,100 shares of the company’s stock worth $159,000 after buying an additional 2,400 shares during the period. PNC Financial Services Group Inc. raised its stake in SolarEdge Technologies by 2.1% in the second quarter. PNC Financial Services Group Inc. now owns 142,175 shares of the company’s stock worth $2,786,000 after buying an additional 2,950 shares during the period. Finally, LPL Financial LLC bought a new stake in SolarEdge Technologies during the first quarter worth about $805,000. 60.49% of the stock is owned by institutional investors and hedge funds.
SEDG has been the subject of a number of recent research reports. Goldman Sachs Group Inc. downgraded shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $19.00 to $12.00 in a research note on Thursday, October 6th. JPMorgan Chase & Co. set a $31.00 price objective on shares of SolarEdge Technologies and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Needham & Company LLC reduced their price objective on shares of SolarEdge Technologies from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, September 14th. Canaccord Genuity reissued a “buy” rating and issued a $27.00 price objective on shares of SolarEdge Technologies in a research note on Friday, September 23rd. Finally, Barclays PLC downgraded shares of SolarEdge Technologies to a “buy” rating in a research note on Monday, June 20th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. SolarEdge Technologies currently has a consensus rating of “Buy” and a consensus target price of $25.09.
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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