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

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped up prior to trading on Monday after Jefferies Financial Group raised their price target on the stock from $10.00 to $18.00. The stock had previously closed at $25.62, but opened at $26.66. Jefferies Financial Group currently has an underperform rating on the stock. SolarEdge Technologies shares last traded at $26.57, with a volume of 1,006,893 shares traded.

Other analysts have also recently issued reports about the company. Canaccord Genuity Group boosted their price target on SolarEdge Technologies from $14.00 to $16.50 and gave the stock a “hold” rating in a report on Wednesday, May 7th. Guggenheim reissued a “sell” rating and set a $5.00 target price on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. KeyCorp upgraded shares of SolarEdge Technologies from an “underweight” rating to a “sector weight” rating in a research report on Tuesday, July 8th. Mizuho raised their price target on shares of SolarEdge Technologies from $18.00 to $29.00 and gave the company a “neutral” rating in a research note on Monday. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $27.00 price objective on shares of SolarEdge Technologies in a research note on Wednesday, July 9th. Ten equities research analysts have rated the stock with a sell rating and eighteen have issued a hold rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and an average target price of $17.64.

Institutional Trading of SolarEdge Technologies

Several large investors have recently modified their holdings of the stock. Jones Financial Companies Lllp increased its stake in SolarEdge Technologies by 401.2% in the fourth quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 1,954 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in SolarEdge Technologies by 38.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 520,928 shares of the semiconductor company’s stock valued at $7,085,000 after buying an additional 144,733 shares in the last quarter. Millstone Evans Group LLC acquired a new position in SolarEdge Technologies during the 4th quarter worth approximately $27,000. KLP Kapitalforvaltning AS bought a new position in SolarEdge Technologies in the fourth quarter worth approximately $146,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in SolarEdge Technologies by 279.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 67,467 shares of the semiconductor company’s stock valued at $918,000 after acquiring an additional 49,708 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

The company has a debt-to-equity ratio of 0.62, a current ratio of 2.04 and a quick ratio of 1.39. The company has a fifty day moving average price of $20.29 and a 200 day moving average price of $16.70. The stock has a market cap of $1.62 billion, a P/E ratio of -0.91 and a beta of 1.62.

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, topping the consensus estimate of ($1.26) by $0.12. The firm had revenue of $219.48 million for the quarter, compared to the consensus estimate of $205.39 million. SolarEdge Technologies had a negative net margin of 182.81% and a negative return on equity of 127.53%. The business’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.90) earnings per share. On average, equities analysts expect 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.