SolarEdge Technologies (NASDAQ:SEDG) Trading Up 5.6%

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) shot up 5.6% during trading on Wednesday . The stock traded as high as $28.65 and last traded at $28.37. 2,189,555 shares were traded during trading, a decline of 24% from the average session volume of 2,885,864 shares. The stock had previously closed at $26.87.

Wall Street Analysts Forecast Growth

SEDG has been the subject of a number of research reports. TD Cowen cut their price objective on shares of SolarEdge Technologies from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. JPMorgan Chase & Co. reduced their price objective on SolarEdge Technologies from $73.00 to $59.00 and set an “overweight” rating on the stock in a research note on Thursday, June 20th. Canaccord Genuity Group lowered their target price on SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating for the company in a research note on Tuesday, June 25th. Northland Capmk lowered SolarEdge Technologies from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 9th. Finally, Scotiabank reduced their price target on shares of SolarEdge Technologies from $72.00 to $46.00 and set a “sector perform” rating on the stock in a research report on Tuesday, June 25th. Three investment analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, SolarEdge Technologies presently has an average rating of “Hold” and a consensus price target of $73.19.

SolarEdge Technologies Stock Up 5.4 %

The firm has a market capitalization of $1.62 billion, a P/E ratio of -6.10 and a beta of 1.52. The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30. The company has a 50 day simple moving average of $43.11 and a two-hundred day simple moving average of $61.58.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). The company had revenue of $204.40 million for the quarter, compared to the consensus estimate of $194.82 million. SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. On average, equities analysts predict that SolarEdge Technologies, Inc. will post -6.52 EPS for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Several hedge funds have recently modified their holdings of the company. Brevan Howard Capital Management LP grew its position in SolarEdge Technologies by 110.3% in the fourth quarter. Brevan Howard Capital Management LP now owns 39,374 shares of the semiconductor company’s stock worth $3,685,000 after acquiring an additional 20,654 shares in the last quarter. Albion Financial Group UT boosted its stake in shares of SolarEdge Technologies by 32.2% during the first quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock valued at $278,000 after purchasing an additional 955 shares during the period. International Assets Investment Management LLC increased its position in shares of SolarEdge Technologies by 20,293.3% during the fourth quarter. International Assets Investment Management LLC now owns 103,802 shares of the semiconductor company’s stock worth $9,716,000 after acquiring an additional 103,293 shares during the period. Royal London Asset Management Ltd. raised its position in SolarEdge Technologies by 5.4% during the 3rd quarter. Royal London Asset Management Ltd. now owns 21,492 shares of the semiconductor company’s stock valued at $2,782,000 after purchasing an additional 1,101 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in SolarEdge Technologies by 371.3% in the fourth quarter. Principal Financial Group Inc. now owns 288,935 shares of the semiconductor company’s stock worth $27,044,000 after acquiring an additional 227,634 shares during the period. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.