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

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped up before the market opened 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 changing hands.

A number of other research analysts have also recently commented on SEDG. Northland Capmk upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, May 23rd. Wells Fargo & Company lowered their price objective on shares of SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 7th. BMO Capital Markets lowered shares of SolarEdge Technologies from a “market perform” rating to an “underperform” rating and raised their target price for the stock from $13.00 to $15.00 in a research report on Thursday, February 20th. Jefferies Financial Group decreased their price target on shares of SolarEdge Technologies from $12.00 to $9.00 and set an “underperform” rating for the company in a research note on Tuesday, April 15th. Finally, Roth Mkm boosted their price target on SolarEdge Technologies from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, February 21st. Ten equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.96.

Institutional Inflows and Outflows

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

SolarEdge Technologies Price Performance

The stock has a market cap of $1.21 billion, a PE ratio of -0.66 and a beta of 1.59. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. The company’s fifty day moving average is $15.48 and its 200 day moving average is $15.25.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $219.48 million for the quarter, compared to analysts’ expectations of $205.39 million. During the same period in the previous year, the company posted ($1.90) earnings per share. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current fiscal year.

About SolarEdge Technologies

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.