SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 6.4% Following Analyst Upgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares traded up 6.4% on Monday after Mizuho raised their price target on the stock from $38.00 to $40.00. Mizuho currently has a neutral rating on the stock. SolarEdge Technologies traded as high as $36.25 and last traded at $36.9070. Approximately 498,642 shares changed hands during trading, a decline of 86% from the average daily volume of 3,473,088 shares. The stock had previously closed at $34.68.

Several other analysts have also commented on the stock. Glj Research restated a “sell” rating on shares of SolarEdge Technologies in a report on Thursday, June 11th. Weiss Ratings upgraded SolarEdge Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 21st. Wells Fargo & Company initiated coverage on SolarEdge Technologies in a report on Monday, June 29th. They set an “equal weight” rating and a $36.00 target price on the stock. Susquehanna decreased their target price on SolarEdge Technologies from $56.00 to $38.00 and set a “neutral” rating for the company in a research report on Thursday, August 6th. Finally, TD Cowen lowered their target price on SolarEdge Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat, SolarEdge Technologies presently has an average rating of “Reduce” and a consensus price target of $39.00.

Hedge Funds Weigh In On SolarEdge Technologies

Large investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. grew its stake in shares of SolarEdge Technologies by 8.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 997,962 shares of the semiconductor company’s stock worth $16,147,000 after buying an additional 79,461 shares during the last quarter. First Trust Advisors LP raised its stake in SolarEdge Technologies by 2.8% during the second quarter. First Trust Advisors LP now owns 560,585 shares of the semiconductor company’s stock valued at $11,436,000 after buying an additional 15,333 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in SolarEdge Technologies by 4.6% in the second quarter. The Manufacturers Life Insurance Company now owns 16,023 shares of the semiconductor company’s stock worth $327,000 after acquiring an additional 700 shares in the last quarter. Bayesian Capital Management LP bought a new stake in SolarEdge Technologies in the second quarter worth $206,000. Finally, Canada Pension Plan Investment Board bought a new stake in SolarEdge Technologies in the second quarter worth $35,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Performance

The stock has a market capitalization of $2.26 billion, a PE ratio of -8.15 and a beta of 1.44. The business has a 50 day moving average price of $39.82 and a 200 day moving average price of $46.37. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.03 and a quick ratio of 1.38.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.07. The firm had revenue of $346.20 million during the quarter, compared to analyst estimates of $341.15 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%.SolarEdge Technologies’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.81) EPS. As a group, equities research analysts expect that SolarEdge Technologies, Inc. will post -1.23 earnings per share for the current year.

About SolarEdge Technologies

SolarEdge Technologies, Inc develops smart energy technology for solar power generation, energy storage and energy management. The company is best known for its DC-optimized inverter system, which uses power optimizers attached to individual solar modules to improve energy harvesting and provide module-level monitoring. Its platform is designed to support residential, commercial and utility-scale photovoltaic installations.

The company’s product portfolio includes power optimizers, inverters, monitoring and management software, batteries and energy storage systems, and related solutions for backup power and electric vehicle charging.