SolarEdge Technologies, Inc. (NASDAQ:SEDG – Get Free Report) was down 5.7% during mid-day trading on Thursday. The stock traded as low as $30.32 and last traded at $30.04. Approximately 356,734 shares traded hands during trading, a decline of 90% from the average session volume of 3,420,273 shares. The stock had previously closed at $31.87.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on SEDG. Morgan Stanley dropped their price objective on shares of SolarEdge Technologies from $35.00 to $33.00 and set an “equal weight” rating on the stock in a report on Friday, September 11th. Susquehanna cut their price target on SolarEdge Technologies from $56.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. UBS Group raised SolarEdge Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the company from $36.00 to $42.00 in a research note on Wednesday, August 26th. Royal Bank Of Canada boosted their price objective on SolarEdge Technologies from $24.00 to $30.00 and gave the company a “sector perform” rating in a report on Friday, September 11th. Finally, Wells Fargo & Company initiated coverage on SolarEdge Technologies in a report on Monday, June 29th. They issued an “equal weight” rating and a $36.00 target price on the stock. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Reduce” and an average price target of $39.20.
Read Our Latest Research Report on SolarEdge Technologies
SolarEdge Technologies Price Performance
SolarEdge Technologies (NASDAQ:SEDG – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The firm had revenue of $346.20 million for the quarter, compared to the consensus estimate of $341.15 million. SolarEdge Technologies had a negative net margin of 20.29% and a negative return on equity of 29.17%. The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.81) EPS. On average, analysts expect that SolarEdge Technologies, Inc. will post -1.2 earnings per share for the current year.
Hedge Funds Weigh In On SolarEdge Technologies
Several hedge funds have recently modified their holdings of the company. Allworth Financial LP purchased a new stake in shares of SolarEdge Technologies during the second quarter valued at approximately $31,000. Nykredit A S bought a new position in SolarEdge Technologies in the 2nd quarter valued at $36,000. State of Wyoming increased its position in shares of SolarEdge Technologies by 32.9% during the 1st quarter. State of Wyoming now owns 1,237 shares of the semiconductor company’s stock valued at $63,000 after purchasing an additional 306 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of SolarEdge Technologies during the 2nd quarter valued at $72,000. Finally, EFG International AG bought a new stake in shares of SolarEdge Technologies during the 2nd quarter worth $123,000. Institutional investors own 95.10% of the company’s stock.
About SolarEdge Technologies
SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for generating, storing and managing solar energy. The company is best known for its power optimizer and inverter architecture, which is designed to improve energy harvesting from photovoltaic panels and provide monitoring and control at the module level.
Its product portfolio includes power optimizers, residential and commercial inverters, battery-storage systems, backup-power solutions, electric-vehicle charging equipment and energy-management software.
Featured Stories
- Five stocks we like better than SolarEdge Technologies
- First Watch’s Growth Story Meets a Reality Check
- Down 50% and Climbing Again: 3 AI Stocks Rebuilding After Brutal Pullbacks
- Micron’s Earnings Reveal Why the AI Memory Boom May Last Longer
- Hobby Boom or Travel Bust? Here Are 3 Stocks to Ride the Trend
Receive News & Ratings for SolarEdge Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SolarEdge Technologies and related companies with MarketBeat.com's FREE daily email newsletter.
