Solaredge Technologies (SEDG) Stock Price Up 5.6%

Shares of Solaredge Technologies Inc (NASDAQ:SEDG) rose 5.6% during trading on Thursday . The company traded as high as $55.82 and last traded at $55.30. Approximately 983,760 shares were traded during trading, an increase of 39% from the average daily volume of 707,738 shares. The stock had previously closed at $52.38.

SEDG has been the subject of a number of research analyst reports. Credit Suisse Group initiated coverage on Solaredge Technologies in a research report on Monday, March 25th. They set a “neutral” rating and a $43.00 price target for the company. Zacks Investment Research raised Solaredge Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, January 17th. BidaskClub raised Solaredge Technologies from a “buy” rating to a “strong-buy” rating in a research report on Friday, April 26th. JMP Securities downgraded Solaredge Technologies from a “market perform” rating to an “underperform” rating and set a $31.00 price target for the company. in a research report on Thursday, January 17th. They noted that the move was a valuation call. Finally, Cascend Securities raised Solaredge Technologies from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Thursday, January 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Solaredge Technologies presently has a consensus rating of “Hold” and a consensus target price of $55.33.

The company has a debt-to-equity ratio of 0.05, a current ratio of 2.89 and a quick ratio of 2.28. The stock has a market capitalization of $2.63 billion, a PE ratio of 20.56, a price-to-earnings-growth ratio of 0.87 and a beta of 0.26.

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

Large investors have recently added to or reduced their stakes in the business. ARK Investment Management LLC boosted 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 during the period. Flinton Capital Management LLC boosted 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 during the period. Piedmont Investment Advisors Inc. boosted 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 during the period. Legal & General Group Plc boosted 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 during the period. Finally, Comerica Bank boosted 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 during the period. 81.71% of the stock is owned by institutional investors and hedge funds.

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About Solaredge Technologies (NASDAQ:SEDG)

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.

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