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

Posted by on May 5th, 2023

SolarEdge Technologies, Inc. (NASDAQ:SEDG – Get Rating) shares gapped up prior to trading on Thursday after TheStreet upgraded the stock from a c rating to a b- rating. The stock had previously closed at $263.82, but opened at $299.90. SolarEdge Technologies shares last traded at $291.67, with a volume of 809,445 shares changing hands.

Several other analysts also recently issued reports on SEDG. Janney Montgomery Scott began coverage on SolarEdge Technologies in a research note on Wednesday, April 5th. They issued a “buy” rating and a $351.00 price target on the stock. KeyCorp began coverage on SolarEdge Technologies in a research note on Monday, March 6th. They issued a “sector weight” rating on the stock. Barclays dropped their price target on SolarEdge Technologies from $396.00 to $392.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 1st. Scotiabank started coverage on SolarEdge Technologies in a report on Thursday, March 2nd. They issued a “sector perform” rating and a $345.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded SolarEdge Technologies from a “hold” rating to a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $372.26.

Insider Transactions at SolarEdge Technologies

In other news, insider Meir Adest sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $307.81, for a total transaction of $769,525.00. Following the completion of the sale, the insider now owns 134,177 shares in the company, valued at $41,301,022.37. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.17% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors have recently made changes to their positions in the company. Panagora Asset Management Inc. raised its position in shares of SolarEdge Technologies by 28.3% in the first quarter. Panagora Asset Management Inc. now owns 2,254 shares of the semiconductor company’s stock valued at $727,000 after buying an additional 497 shares in the last quarter. Rhumbline Advisers raised its position in shares of SolarEdge Technologies by 2.7% in the first quarter. Rhumbline Advisers now owns 44,407 shares of the semiconductor company’s stock valued at $14,315,000 after buying an additional 1,174 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of SolarEdge Technologies by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,027 shares of the semiconductor company’s stock valued at $2,265,000 after buying an additional 435 shares in the last quarter. Cibc World Market Inc. raised its position in shares of SolarEdge Technologies by 28.5% in the first quarter. Cibc World Market Inc. now owns 4,844 shares of the semiconductor company’s stock valued at $1,562,000 after buying an additional 1,073 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of SolarEdge Technologies by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 210,973 shares of the semiconductor company’s stock valued at $68,007,000 after buying an additional 1,902 shares in the last quarter. Institutional investors own 80.01% of the company’s stock.

SolarEdge Technologies Trading Up 6.6 %

The company has a debt-to-equity ratio of 0.31, a current ratio of 3.26 and a quick ratio of 2.44. The business’s 50-day moving average price is $298.58 and its two-hundred day moving average price is $291.86. The company has a market capitalization of $15.84 billion, a price-to-earnings ratio of 170.44, a P/E/G ratio of 1.35 and a beta of 1.43.

SolarEdge Technologies (NASDAQ:SEDG – Get Rating) last announced its quarterly earnings data on Monday, February 13th. The semiconductor company reported $2.86 EPS for the quarter, beating the consensus estimate of $1.58 by $1.28. SolarEdge Technologies had a net margin of 3.02% and a return on equity of 10.04%. The business had revenue of $890.70 million during the quarter, compared to the consensus estimate of $879.06 million. During the same period in the previous year, the business earned $0.60 earnings per share. The company’s revenue was up 61.4% on a year-over-year basis. Research analysts predict that SolarEdge Technologies, Inc. will post 7.12 earnings per share for the current year.

SolarEdge Technologies Company Profile

(Get Rating)

SolarEdge Technologies, Inc engages in the development of energy technology, which provides inverter solutions. The firm operates through the following segments: Solar and All Other. The Solar segment includes the design, development, manufacturing, and sales of an inverter solution designed to maximize power generation.

Featured Stories

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.