SolarEdge Technologies, Inc. (NASDAQ:SEDG)‘s stock had its “outperform” rating restated by equities research analysts at JMP Securities in a note issued to investors on Thursday, August 3rd, The Fly reports.
SEDG has been the topic of several other reports. Vetr upgraded shares of SolarEdge Technologies from a “sell” rating to a “strong-buy” rating and set a $18.52 price objective on the stock in a research report on Tuesday, April 11th. Axiom Securities reiterated a “sell” rating on shares of SolarEdge Technologies in a research report on Friday, June 9th. Canaccord Genuity reiterated a “buy” rating and issued a $30.00 price objective (up from $25.00) on shares of SolarEdge Technologies in a research report on Thursday, August 3rd. Roth Capital upgraded shares of SolarEdge Technologies from a “neutral” rating to a “buy” rating and set a $26.00 price objective on the stock in a research report on Thursday, July 27th. Finally, Deutsche Bank AG set a $25.00 price objective on shares of SolarEdge Technologies and gave the company a “buy” rating in a research report on Wednesday, June 14th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and three have issued a strong buy rating to the company. SolarEdge Technologies presently has a consensus rating of “Buy” and an average target price of $23.11.
SolarEdge Technologies (NASDAQ SEDG) opened at 27.15 on Thursday. SolarEdge Technologies has a 12-month low of $11.35 and a 12-month high of $28.80. The stock has a market capitalization of $1.14 billion, a PE ratio of 24.07 and a beta of 0.04. The company’s 50-day moving average is $22.80 and its 200 day moving average is $17.60.
SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.18. The firm had revenue of $136.10 million for the quarter, compared to the consensus estimate of $125.07 million. SolarEdge Technologies had a net margin of 12.64% and a return on equity of 21.01%. SolarEdge Technologies’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the firm posted $0.44 EPS. On average, analysts predict that SolarEdge Technologies will post $1.84 EPS for the current year.
In related news, Director Doron Inbar sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $28.00, for a total value of $1,400,000.00. Following the sale, the director now directly owns 223,333 shares in the company, valued at approximately $6,253,324. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Yoav Galin sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $27.34, for a total transaction of $273,400.00. Following the completion of the sale, the vice president now owns 75,000 shares in the company, valued at $2,050,500. The disclosure for this sale can be found here. Insiders sold a total of 164,018 shares of company stock worth $4,157,847 over the last quarter. Insiders own 16.40% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Stifel Financial Corp increased its stake in SolarEdge Technologies by 215.3% in the first quarter. Stifel Financial Corp now owns 45,217 shares of the semiconductor company’s stock worth $705,000 after buying an additional 30,878 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in SolarEdge Technologies during the first quarter valued at $178,000. Swiss National Bank increased its position in SolarEdge Technologies by 7.5% in the first quarter. Swiss National Bank now owns 37,400 shares of the semiconductor company’s stock valued at $583,000 after buying an additional 2,600 shares during the period. First Trust Advisors LP increased its position in SolarEdge Technologies by 39.2% in the first quarter. First Trust Advisors LP now owns 90,885 shares of the semiconductor company’s stock valued at $1,418,000 after buying an additional 25,617 shares during the period. Finally, AQR Capital Management LLC purchased a new position in SolarEdge Technologies during the fourth quarter valued at $138,000. Institutional investors and hedge funds own 57.28% of the company’s stock.
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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