SolarEdge Technologies (NASDAQ:SEDG) Shares Up 14.2% on Analyst Upgrade

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) traded up 14.2% during mid-day trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $14.00 to $16.50. Canaccord Genuity Group currently has a hold rating on the stock. SolarEdge Technologies traded as high as $16.90 and last traded at $16.87. 2,974,782 shares traded hands during trading, a decline of 31% from the average session volume of 4,333,557 shares. The stock had previously closed at $14.77.

SEDG has been the subject of several other research reports. Northland Capmk upgraded SolarEdge Technologies from a “strong sell” rating to a “hold” rating in a research report on Friday, April 25th. Truist Financial reduced their price objective on shares of SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, January 16th. Barclays upped their target price on shares of SolarEdge Technologies from $10.00 to $11.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 16th. Royal Bank of Canada lifted their price target on shares of SolarEdge Technologies from $14.00 to $15.00 and gave the company a “sector perform” rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. lowered their price target on SolarEdge Technologies from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Ten analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $16.32.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery bought 30,000 shares of SolarEdge Technologies stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average cost of $13.70 per share, for a total transaction of $411,000.00. Following the completion of the transaction, the chairman now owns 274,478 shares of the company’s stock, valued at $3,760,348.60. This represents a 12.27 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SEDG. Fifth Third Bancorp boosted its position 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 worth $26,000 after acquiring an additional 790 shares during the last quarter. Millstone Evans Group LLC purchased a new position in SolarEdge Technologies during the fourth quarter worth approximately $27,000. Banque Cantonale Vaudoise acquired a new position in shares of SolarEdge Technologies in the 1st quarter valued at $35,000. Jones Financial Companies Lllp grew its stake in shares of SolarEdge Technologies by 401.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 1,954 shares during the period. Finally, Y.D. More Investments Ltd increased its holdings in shares of SolarEdge Technologies by 251.8% during the 4th quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company’s stock worth $53,000 after buying an additional 2,770 shares during the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Up 24.0 %

The firm has a market capitalization of $1.08 billion, a PE ratio of -0.59 and a beta of 1.50. The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56. The firm has a 50-day moving average of $14.62 and a two-hundred day moving average of $14.64.

SolarEdge Technologies (NASDAQ:SEDG) last released 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 return on equity of 95.05% and a negative net margin of 192.13%. The company had revenue of $219.48 million for the quarter, compared to the consensus estimate of $205.39 million. During the same period last year, the business posted ($1.90) EPS. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, equities research analysts forecast that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

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.