Solaredge Technologies (NASDAQ:SEDG) Lifted to Buy at BidaskClub

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

A number of other brokerages have also commented on SEDG. Canaccord Genuity increased their price target on Solaredge Technologies from $62.00 to $68.00 and gave the company a buy rating in a research note on Tuesday, July 23rd. ValuEngine upgraded Solaredge Technologies from a hold rating to a buy rating in a report on Friday, May 24th. JPMorgan Chase & Co. increased their price target on Solaredge Technologies from $53.00 to $63.00 and gave the stock an overweight rating in a report on Tuesday, May 7th. Goldman Sachs Group upgraded Solaredge Technologies from a sell rating to a neutral rating and increased their price target for the stock from $35.00 to $52.00 in a report on Monday, June 17th. Finally, Credit Suisse Group increased their price target on Solaredge Technologies from $43.00 to $49.00 and gave the stock a neutral rating in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $62.50.

Solaredge Technologies stock traded down $1.51 during midday trading on Friday, reaching $64.98. 834,240 shares of the stock traded hands, compared to its average volume of 456,424. The business’s fifty day moving average price is $61.74. Solaredge Technologies has a 12 month low of $32.42 and a 12 month high of $69.00. The company has a market cap of $3.16 billion, a PE ratio of 24.16, a P/E/G ratio of 1.21 and a beta of 0.15. 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 (NASDAQ:SEDG) last announced its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $266.11 million. During the same period in the previous year, the company posted $0.87 earnings per share. Solaredge Technologies’s quarterly revenue was up 29.5% on a year-over-year basis. As a group, research analysts predict that Solaredge Technologies will post 2.5 EPS for the current fiscal year.

In other Solaredge Technologies news, Director More Avery sold 5,000 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $55.10, for a total transaction of $275,500.00. Following the transaction, the director now directly owns 588,291 shares in the company, valued at approximately $32,414,834.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 9,439 shares of company stock worth $502,641 over the last 90 days. 7.90% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Swiss National Bank increased its holdings in Solaredge Technologies by 18.6% during the 2nd quarter. Swiss National Bank now owns 79,100 shares of the semiconductor company’s stock worth $4,941,000 after purchasing an additional 12,400 shares during the period. Columbus Circle Investors purchased a new position in Solaredge Technologies during the 2nd quarter worth $1,468,000. Candriam Luxembourg S.C.A. purchased a new position in Solaredge Technologies during the 2nd quarter worth $777,000. DekaBank Deutsche Girozentrale purchased a new position in Solaredge Technologies during the 2nd quarter worth $1,649,000. Finally, Buffington Mohr McNeal increased its holdings in Solaredge Technologies by 22.0% during the 2nd quarter. Buffington Mohr McNeal now owns 5,550 shares of the semiconductor company’s stock worth $347,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 85.40% 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. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.

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Analyst Recommendations for Solaredge Technologies (NASDAQ:SEDG)

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