SolarEdge Technologies, Inc. (NASDAQ:SEDG) was the recipient of a large growth in short interest during the month of July. As of July 14th, there was short interest totalling 5,888,450 shares, a growth of 26.1% from the June 30th total of 4,669,238 shares. Based on an average daily volume of 1,687,499 shares, the short-interest ratio is currently 3.5 days. Currently, 17.3% of the company’s shares are short sold.
In related news, Director More Avery sold 20,000 shares of SolarEdge Technologies stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $19.30, for a total value of $386,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Zvi Lando sold 10,508 shares of SolarEdge Technologies stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $22.19, for a total transaction of $233,172.52. Following the completion of the sale, the vice president now owns 56,519 shares of the company’s stock, valued at approximately $1,254,156.61. The disclosure for this sale can be found here. Insiders sold a total of 54,018 shares of company stock valued at $1,108,947 in the last quarter. 16.40% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in SolarEdge Technologies by 4.5% in the first quarter. FMR LLC now owns 3,183,418 shares of the semiconductor company’s stock worth $49,662,000 after buying an additional 136,899 shares during the last quarter. Sylebra HK Co Ltd raised its stake in SolarEdge Technologies by 24.1% in the first 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. NN Investment Partners Holdings N.V. raised its stake in SolarEdge Technologies by 21.3% in the second 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. Menora Mivtachim Holdings LTD. raised its stake in SolarEdge Technologies by 34.3% in the first quarter. Menora Mivtachim Holdings LTD. now owns 1,144,013 shares of the semiconductor company’s stock worth $17,847,000 after buying an additional 292,013 shares during the last quarter. Finally, Shell Asset Management Co. raised its stake in SolarEdge Technologies by 15.1% in the second quarter. Shell Asset Management Co. now owns 806,272 shares of the semiconductor company’s stock worth $16,125,000 after buying an additional 105,863 shares during the last quarter. 56.46% of the stock is owned by institutional investors and hedge funds.
Several analysts recently weighed in on the stock. UBS AG upgraded shares of SolarEdge Technologies from a “market perform” rating to an “outperform” rating in a report on Tuesday, July 18th. Roth Capital upgraded shares of SolarEdge Technologies from a “neutral” rating to a “buy” rating and set a $26.00 price target for the company in a research note on Thursday. Zacks Investment Research upgraded shares of SolarEdge Technologies from a “hold” rating to a “strong-buy” rating and set a $25.00 price target for the company in a research note on Thursday, July 20th. Canaccord Genuity restated a “buy” rating and issued a $25.00 price target (up previously from $19.00) on shares of SolarEdge Technologies in a research note on Friday. Finally, FBR & Co set a $18.00 price target on shares of SolarEdge Technologies and gave the stock a “hold” rating in a research note on Saturday, May 13th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. SolarEdge Technologies presently has a consensus rating of “Buy” and a consensus target price of $20.97.
Shares of SolarEdge Technologies (SEDG) opened at 22.80 on Friday. The stock’s 50 day moving average is $20.88 and its 200 day moving average is $16.71. SolarEdge Technologies has a 52-week low of $11.35 and a 52-week high of $23.40. The stock has a market capitalization of $947.43 million, a PE ratio of 22.66 and a beta of -0.03.
SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Tuesday, May 9th. The semiconductor company reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.09. The business had revenue of $115.10 million during the quarter, compared to analyst estimates of $114.10 million. SolarEdge Technologies had a net margin of 11.85% and a return on equity of 21.03%. The business’s revenue was down 8.1% on a year-over-year basis. During the same period last year, the business earned $0.51 EPS. Equities research analysts expect that SolarEdge Technologies will post $1.45 earnings per share for the current fiscal year.
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About SolarEdge Technologies
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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