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

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price gapped up prior to trading 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 trading hands.

SEDG has been the topic of a number of other research reports. Guggenheim reissued a “sell” rating and issued a $5.00 price target on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. lowered their price objective on shares of SolarEdge Technologies from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 7th. BMO Capital Markets cut SolarEdge Technologies from a “market perform” rating to an “underperform” rating and boosted their price target for the company from $13.00 to $15.00 in a research note on Thursday, February 20th. Wells Fargo & Company cut their price objective on SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Finally, Jefferies Financial Group lowered their price target on SolarEdge Technologies from $12.00 to $9.00 and set an “underperform” rating on the stock in a report on Tuesday, April 15th. Ten research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $16.96.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Janney Montgomery Scott LLC acquired a new stake in shares of SolarEdge Technologies during the 4th quarter valued at about $227,000. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in SolarEdge Technologies by 14.9% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock valued at $67,370,000 after purchasing an additional 641,915 shares in the last quarter. Teza Capital Management LLC grew its stake in shares of SolarEdge Technologies by 59.1% in the 4th quarter. Teza Capital Management LLC now owns 50,052 shares of the semiconductor company’s stock valued at $681,000 after purchasing an additional 18,602 shares during the period. Headlands Technologies LLC bought a new position in shares of SolarEdge Technologies during the 4th quarter worth approximately $257,000. Finally, Renaissance Technologies LLC lifted its position in shares of SolarEdge Technologies by 79.6% during the 4th quarter. Renaissance Technologies LLC now owns 627,700 shares of the semiconductor company’s stock worth $8,537,000 after buying an additional 278,200 shares during the period. 95.10% of the stock is currently owned by institutional investors and hedge funds.

SolarEdge Technologies Trading Up 9.6%

The company has a 50 day moving average of $15.48 and a 200 day moving average of $15.25. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -0.66 and a beta of 1.59. The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, beating the consensus estimate 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 company had revenue of $219.48 million for the quarter, compared to the consensus estimate of $205.39 million. During the same quarter in the previous year, the company earned ($1.90) EPS. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, research analysts anticipate that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

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.