SolarEdge Technologies, Inc. (SEDG) Cut to “Hold” at Zacks Investment Research
SolarEdge Technologies, Inc. (NASDAQ:SEDG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “SolarEdge Technologies, Inc. provides inverter solution. The company’s SolarEdge system offers power optimizers, inverters and a cloud-based monitoring platform. It serves residential solar installations to commercial and small utility-scale solar installations. SolarEdge Technologies, Inc. is headquartered in Hod Hasharon, Israel. “
A number of other research firms have also recently commented on SEDG. BidaskClub raised shares of SolarEdge Technologies from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 8th. Barclays PLC restated an “overweight” rating and set a $28.00 price target (up previously from $21.00) on shares of SolarEdge Technologies in a research report on Wednesday, August 9th. Canaccord Genuity reiterated a “buy” rating and issued a $30.00 price objective (up from $25.00) on shares of SolarEdge Technologies in a report on Wednesday, August 9th. Cowen and Company reiterated a “buy” rating and issued a $31.00 price objective (up from $24.00) on shares of SolarEdge Technologies in a report on Thursday, August 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $30.00 price objective (up from $25.00) on shares of SolarEdge Technologies in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $23.11.
SolarEdge Technologies (NASDAQ SEDG) traded up 0.34% during midday trading on Wednesday, hitting $29.40. The company had a trading volume of 203,875 shares. The firm has a market capitalization of $1.24 billion, a P/E ratio of 26.06 and a beta of 0.03. SolarEdge Technologies has a 1-year low of $11.35 and a 1-year high of $29.80. The company has a 50 day moving average price of $27.29 and a 200 day moving average price of $27.29.
SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.18. The company had revenue of $136.10 million during the quarter, compared to analysts’ expectations of $125.07 million. SolarEdge Technologies had a net margin of 12.64% and a return on equity of 21.01%. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 earnings per share. Equities research analysts forecast that SolarEdge Technologies will post $1.89 earnings per share for the current fiscal year.
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In related news, CFO Ronen Faier sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $27.24, for a total transaction of $544,800.00. Following the completion of the sale, the chief financial officer now directly owns 100,000 shares in the company, valued at $2,724,000. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Doron Inbar sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $28.00, for a total transaction of $1,400,000.00. Following the sale, the director now owns 223,333 shares of the company’s stock, valued at $6,253,324. The disclosure for this sale can be found here. In the last quarter, insiders have sold 170,000 shares of company stock worth $4,633,004. 16.40% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its stake in shares of SolarEdge Technologies by 601.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,526,947 shares of the semiconductor company’s stock valued at $30,539,000 after buying an additional 1,309,184 shares during the period. Ion Asset Management Ltd. acquired a new stake in shares of SolarEdge Technologies during the 2nd quarter worth approximately $20,180,000. Janus Henderson Group PLC increased its holdings in shares of SolarEdge Technologies by 435.7% during the 2nd quarter. Janus Henderson Group PLC now owns 946,920 shares of the semiconductor company’s stock worth $18,932,000 after buying an additional 770,166 shares during the last quarter. Sylebra HK Co Ltd increased its holdings in shares of SolarEdge Technologies by 24.1% during the 1st quarter. Sylebra HK Co Ltd now owns 2,121,621 shares of the semiconductor company’s stock worth $33,097,000 after buying an additional 412,073 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. increased its holdings in shares of SolarEdge Technologies by 21.3% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 1,736,541 shares of the semiconductor company’s stock worth $34,731,000 after buying an additional 305,179 shares during the last quarter. Institutional investors own 57.43% of the company’s stock.
SolarEdge Technologies Company Profile
SolarEdge Technologies, Inc offers an inverter solution for a solar photovoltaic (PV) system. The Company’s products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management.
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