SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up Following Analyst Upgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up before the market opened on Tuesday after Morgan Stanley upgraded the stock from an underweight rating to an equal weight rating. The stock had previously closed at $28.54, but opened at $29.63. Morgan Stanley now has a $33.00 price target on the stock, up from their previous price target of $27.00. SolarEdge Technologies shares last traded at $29.60, with a volume of 1,394,670 shares traded.

Several other research analysts have also recently issued reports on the company. BMO Capital Markets increased their price objective on SolarEdge Technologies from $19.00 to $25.00 and gave the stock an “underperform” rating in a research note on Thursday, November 6th. Susquehanna increased their price target on SolarEdge Technologies from $25.00 to $40.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Weiss Ratings restated a “sell (d-)” rating on shares of SolarEdge Technologies in a research note on Monday, December 8th. Guggenheim lifted their price objective on SolarEdge Technologies from $5.00 to $7.00 and gave the company a “sell” rating in a report on Monday, August 25th. Finally, UBS Group increased their target price on shares of SolarEdge Technologies from $30.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Nineteen equities research analysts have rated the stock with a Hold rating and nine have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $24.87.

Hedge Funds Weigh In On SolarEdge Technologies

Large investors have recently added to or reduced their stakes in the company. Accent Capital Management LLC bought a new stake in shares of SolarEdge Technologies in the 3rd quarter valued at about $25,000. Edmond DE Rothschild Holding S.A. lifted its position in SolarEdge Technologies by 60.0% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 600 shares during the last quarter. Whittier Trust Co. acquired a new stake in SolarEdge Technologies in the third quarter valued at approximately $27,000. Hantz Financial Services Inc. boosted its stake in SolarEdge Technologies by 352.5% in the third quarter. Hantz Financial Services Inc. now owns 733 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 571 shares in the last quarter. Finally, Saranac Partners Ltd purchased a new position in SolarEdge Technologies in the third quarter worth $28,000. 95.10% of the stock is currently owned by institutional investors.

SolarEdge Technologies Stock Performance

The business has a 50-day moving average price of $35.57 and a 200-day moving average price of $30.56. The company has a quick ratio of 1.60, a current ratio of 2.28 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -2.99 and a beta of 1.67.

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.