SolarEdge Technologies, Inc. (NASDAQ:SEDG – Get Free Report) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $135.72 and last traded at $139.05, with a volume of 384093 shares trading hands. The stock had previously closed at $136.22.
Wall Street Analysts Forecast Growth
SEDG has been the subject of a number of research analyst reports. Barclays lowered their price target on SolarEdge Technologies from $359.00 to $274.00 and set an “overweight” rating for the company in a report on Wednesday, August 2nd. Citigroup reduced their price objective on SolarEdge Technologies from $429.00 to $400.00 and set a “buy” rating for the company in a research note on Wednesday, July 19th. Truist Financial reduced their price objective on SolarEdge Technologies from $340.00 to $210.00 and set a “buy” rating for the company in a research note on Tuesday, September 12th. JPMorgan Chase & Co. reduced their price objective on SolarEdge Technologies from $335.00 to $299.00 and set an “overweight” rating for the company in a research note on Friday, September 15th. Finally, Wells Fargo & Company reduced their price objective on SolarEdge Technologies from $374.00 to $253.00 in a research note on Friday, August 4th. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, SolarEdge Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $321.14.
Read Our Latest Analysis on SolarEdge Technologies
SolarEdge Technologies Price Performance
SolarEdge Technologies (NASDAQ:SEDG – Get Free Report) last posted its earnings results on Tuesday, August 1st. The semiconductor company reported $2.06 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.01. The company had revenue of $991.29 million for the quarter, compared to analyst estimates of $989.17 million. SolarEdge Technologies had a return on equity of 18.19% and a net margin of 8.29%. On average, equities research analysts anticipate that SolarEdge Technologies, Inc. will post 7.36 earnings per share for the current fiscal year.
Insider Buying and Selling at SolarEdge Technologies
In other news, CFO Ronen Faier bought 875 shares of the stock in a transaction on Wednesday, August 9th. The shares were bought at an average price of $180.10 per share, with a total value of $157,587.50. Following the completion of the acquisition, the chief financial officer now owns 73,414 shares of the company’s stock, valued at $13,221,861.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.17% of the stock is owned by corporate insiders.
Institutional Trading of SolarEdge Technologies
Large investors have recently made changes to their positions in the stock. Alta Advisers Ltd acquired a new stake in shares of SolarEdge Technologies during the second quarter valued at $27,000. V Square Quantitative Management LLC acquired a new stake in SolarEdge Technologies in the 2nd quarter worth about $27,000. Quarry LP acquired a new stake in SolarEdge Technologies in the 1st quarter worth about $27,000. Harbour Investments Inc. boosted its stake in SolarEdge Technologies by 102.0% in the 4th quarter. Harbour Investments Inc. now owns 99 shares of the semiconductor company’s stock worth $28,000 after buying an additional 50 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in SolarEdge Technologies in the 1st quarter worth about $29,000. Institutional investors and hedge funds own 86.11% of the company’s stock.
About SolarEdge Technologies
SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. It operates in Solar and All Other segments. The company offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial, and small utility-scale solar installations; and a cloud-based monitoring platform that collects and processes information from the power optimizers and inverters, as well as monitors and manages the solar PV system.
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