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

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price gapped up before the market opened on Tuesday after UBS Group raised their price target on the stock from $17.00 to $20.00. The stock had previously closed at $18.72, but opened at $19.50. UBS Group currently has a neutral rating on the stock. SolarEdge Technologies shares last traded at $20.48, with a volume of 833,433 shares traded.

SEDG has been the subject of a number of other reports. Glj Research upgraded SolarEdge Technologies from a “strong sell” rating to a “hold” rating and set a $6.90 price target for the company in a report on Friday, May 30th. Morgan Stanley reiterated an “underweight” rating and set a $10.00 price target on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Susquehanna decreased their price target on SolarEdge Technologies from $17.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Wells Fargo & Company decreased their price target on SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. reduced their target price on SolarEdge Technologies from $20.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. Ten investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $16.96.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds have recently modified their holdings of SEDG. Janney Montgomery Scott LLC bought a new position in shares of SolarEdge Technologies during the 4th quarter worth approximately $227,000. Principal Financial Group Inc. raised its holdings in shares of SolarEdge Technologies by 4.4% in the 4th quarter. Principal Financial Group Inc. now owns 277,832 shares of the semiconductor company’s stock worth $3,779,000 after purchasing an additional 11,704 shares during the period. Private Advisor Group LLC bought a new stake in shares of SolarEdge Technologies in the 4th quarter worth approximately $161,000. Meitav Investment House Ltd. raised its holdings in shares of SolarEdge Technologies by 0.6% in the 4th quarter. Meitav Investment House Ltd. now owns 585,391 shares of the semiconductor company’s stock worth $7,957,000 after purchasing an additional 3,282 shares during the period. Finally, RWC Asset Management LLP bought a new stake in shares of SolarEdge Technologies in the 4th quarter worth approximately $173,000. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Price Performance

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 company has a market cap of $1.24 billion, a P/E ratio of -0.67 and a beta of 1.59. The business’s fifty day moving average is $15.59 and its 200 day moving average is $15.29.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.12. SolarEdge Technologies had a negative net margin of 192.13% and a negative return on equity of 95.05%. The business had revenue of $219.48 million during the quarter, compared to analyst estimates of $205.39 million. During the same period in the previous year, the business earned ($1.90) EPS. SolarEdge Technologies’s revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

About SolarEdge Technologies

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.