SolarEdge Technologies Inc. (NASDAQ:SEDG) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 9,906,057 shares, an increase of 22.0% from the September 15th total of 8,120,565 shares. Currently, 40.2% of the company’s stock are short sold. Based on an average daily volume of 1,065,725 shares, the days-to-cover ratio is presently 9.3 days.
Several analysts have recently commented on SEDG shares. Goldman Sachs Group Inc. downgraded SolarEdge Technologies from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $19.00 to $12.00 in a research note on Thursday, October 6th. Needham & Company LLC reduced their target price on SolarEdge Technologies from $28.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, September 14th. JMP Securities reaffirmed a “buy” rating on shares of SolarEdge Technologies in a report on Friday, September 23rd. Barclays PLC lowered SolarEdge Technologies from an “overweight” rating to a “neutral” rating in a report on Thursday, August 25th. Finally, Axiom Securities initiated coverage on SolarEdge Technologies in a report on Friday, October 14th. They issued a “sell” rating and a $10.00 target price for the company. Three analysts have rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. SolarEdge Technologies has an average rating of “Hold” and an average price target of $23.83.
Several institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. acquired a new position in SolarEdge Technologies during the second quarter valued at about $26,421,000. Sylebra HK Co Ltd raised its position in SolarEdge Technologies by 41.2% in the second quarter. Sylebra HK Co Ltd now owns 1,208,429 shares of the company’s stock valued at $23,685,000 after buying an additional 352,561 shares during the last quarter. Neuberger Berman Group LLC raised its position in SolarEdge Technologies by 13.5% in the second quarter. Neuberger Berman Group LLC now owns 1,055,285 shares of the company’s stock valued at $20,684,000 after buying an additional 125,152 shares during the last quarter. Prince Street Capital Management LLC raised its position in SolarEdge Technologies by 41.2% in the second quarter. Prince Street Capital Management LLC now owns 857,700 shares of the company’s stock valued at $16,811,000 after buying an additional 250,300 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its position in SolarEdge Technologies by 215.6% in the second quarter. Lord Abbett & CO. LLC now owns 771,873 shares of the company’s stock valued at $15,129,000 after buying an additional 527,289 shares during the last quarter. Hedge funds and other institutional investors own 60.54% of the company’s stock.
SolarEdge Technologies (NASDAQ:SEDG) opened at 14.20 on Wednesday. The stock has a 50 day moving average price of $16.21 and a 200-day moving average price of $19.68. SolarEdge Technologies has a 12-month low of $13.90 and a 12-month high of $30.50. The company has a market capitalization of $580.75 million, a price-to-earnings ratio of 8.21 and a beta of -0.44.
SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Tuesday, August 9th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.03. SolarEdge Technologies had a net margin of 15.64% and a return on equity of 31.51%. The firm earned $124.80 million during the quarter, compared to analyst estimates of $129.63 million. During the same period last year, the business earned $0.31 earnings per share. The business’s revenue was up 26.8% on a year-over-year basis. Equities analysts predict that SolarEdge Technologies will post $1.89 EPS for the current fiscal year.
About SolarEdge Technologies
Solaredge Technologies Inc (SolarEdge) is a provider of solar power harvesting and photovoltaic (PV) monitoring solutions. The Company’s portfolio of products includes power optimizers, PV inverters and a Web portal for module-level monitoring and fault detection. Its SolarEdge power optimizer is a DC/DC converter which is connected by installers to each PV module or embedded by module manufacturers, replacing the solar junction box.
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