Axiom Securities started coverage on shares of SolarEdge Technologies Inc. (NASDAQ:SEDG) in a research note issued to investors on Friday morning. The brokerage issued a sell rating and a $10.00 price objective on the stock.
SEDG has been the topic of several other research reports. Barclays PLC cut shares of SolarEdge Technologies to a buy rating in a research report on Monday, June 20th. Deutsche Bank AG lowered their price target on shares of SolarEdge Technologies from $27.00 to $22.00 and set a buy rating on the stock in a research report on Wednesday, August 10th. JMP Securities started coverage on shares of SolarEdge Technologies in a research report on Thursday, September 8th. They issued an outperform rating and a $23.00 target price on the stock. Canaccord Genuity reaffirmed a buy rating and issued a $27.00 target price on shares of SolarEdge Technologies in a research report on Friday, September 23rd. Finally, FBR & Co decreased their target price on shares of SolarEdge Technologies from $38.00 to $32.00 and set an outperform rating on the stock in a research report on Wednesday, August 10th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $23.83.
SolarEdge Technologies (NASDAQ:SEDG) opened at 14.20 on Friday. The stock has a market cap of $580.75 million, a P/E ratio of 8.21 and a beta of -0.44. The firm’s 50-day moving average is $16.21 and its 200-day moving average is $19.68. SolarEdge Technologies has a 52-week low of $13.90 and a 52-week high of $30.50.
SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. The firm had revenue of $124.80 million for the quarter, compared to analysts’ expectations of $129.63 million. SolarEdge Technologies had a net margin of 15.64% and a return on equity of 31.51%. The company’s revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS. Equities research analysts predict that SolarEdge Technologies will post $1.89 earnings per share for the current year.
Several institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. bought a new stake in shares of SolarEdge Technologies during the second quarter valued at $26,421,000. Thornburg Investment Management Inc. acquired a new stake in SolarEdge Technologies during the second quarter worth approximately $11,560,000. 1832 Asset Management L.P. acquired a new stake in SolarEdge Technologies during the first quarter worth approximately $23,183,000. Lord Abbett & CO. LLC increased its stake in SolarEdge Technologies by 215.6% in the second quarter. Lord Abbett & CO. LLC now owns 771,873 shares of the company’s stock worth $15,129,000 after buying an additional 527,289 shares during the period. Finally, Sylebra HK Co Ltd increased its stake 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 worth $23,685,000 after buying an additional 352,561 shares during the period. Institutional investors and hedge funds own 60.54% of the company’s stock.
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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