Solaredge Technologies (SEDG) Lifted to “Buy” at BidaskClub

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BidaskClub upgraded shares of Solaredge Technologies (NASDAQ:SEDG) from a hold rating to a buy rating in a report issued on Tuesday, BidAskClub reports.

Several other equities analysts have also weighed in on SEDG. Roth Capital increased their target price on Solaredge Technologies from $50.00 to $70.00 and gave the company a buy rating in a research note on Tuesday, May 7th. ValuEngine lowered Solaredge Technologies from a buy rating to a hold rating in a research note on Tuesday, May 14th. Credit Suisse Group increased their target price on Solaredge Technologies from $43.00 to $49.00 and gave the company a neutral rating in a research note on Tuesday, May 7th. JMP Securities raised Solaredge Technologies from an underperform rating to an outperform rating and increased their target price for the company from $31.00 to $60.00 in a research note on Tuesday, May 7th. Finally, JPMorgan Chase & Co. increased their target price on Solaredge Technologies from $53.00 to $63.00 and gave the company an overweight rating in a research note on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. Solaredge Technologies presently has an average rating of Buy and a consensus target price of $55.33.

Shares of SEDG opened at $53.47 on Tuesday. The company has a current ratio of 2.89, a quick ratio of 2.28 and a debt-to-equity ratio of 0.05. Solaredge Technologies has a 12-month low of $32.42 and a 12-month high of $61.75. The firm has a market cap of $2.61 billion, a PE ratio of 19.88, a PEG ratio of 0.96 and a beta of 0.26.

Solaredge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.14). Solaredge Technologies had a net margin of 11.23% and a return on equity of 19.57%. The firm had revenue of $271.90 million for the quarter, compared to analyst estimates of $266.11 million. During the same period last year, the company earned $0.87 EPS. The company’s revenue was up 29.5% compared to the same quarter last year. Research analysts anticipate that Solaredge Technologies will post 2.6 EPS for the current fiscal year.

In other Solaredge Technologies news, Director More Avery sold 4,130 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $51.04, for a total value of $210,795.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 9.70% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. ARK Investment Management LLC increased its holdings in shares of Solaredge Technologies by 1.6% in the first quarter. ARK Investment Management LLC now owns 12,175 shares of the semiconductor company’s stock worth $459,000 after acquiring an additional 197 shares in the last quarter. Flinton Capital Management LLC increased its holdings in shares of Solaredge Technologies by 4.3% in the fourth quarter. Flinton Capital Management LLC now owns 8,262 shares of the semiconductor company’s stock worth $290,000 after acquiring an additional 340 shares in the last quarter. Piedmont Investment Advisors Inc. increased its holdings in shares of Solaredge Technologies by 3.9% in the fourth quarter. Piedmont Investment Advisors Inc. now owns 9,477 shares of the semiconductor company’s stock worth $333,000 after acquiring an additional 354 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Solaredge Technologies by 0.4% in the fourth quarter. Legal & General Group Plc now owns 93,554 shares of the semiconductor company’s stock worth $3,277,000 after acquiring an additional 418 shares in the last quarter. Finally, Comerica Bank increased its holdings in shares of Solaredge Technologies by 1.1% in the fourth quarter. Comerica Bank now owns 40,437 shares of the semiconductor company’s stock worth $1,698,000 after acquiring an additional 426 shares in the last quarter. 81.62% of the stock is currently owned by hedge funds and other institutional investors.

Solaredge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.

Further Reading: Are sell-side analysts objective?

Analyst Recommendations for Solaredge Technologies (NASDAQ:SEDG)

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