SolarEdge Technologies, Inc. (NASDAQ:SEDG) Cut to Hold at Zacks Investment Research
Zacks Investment Research cut shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) from a strong-buy rating to a hold rating in a report issued on Wednesday, October 4th.
According to Zacks, “SolarEdge Technologies, Inc. provides inverter solution. The company’s SolarEdge system offers power optimizers, inverters and a cloud-based monitoring platform. It serves residential solar installations to commercial and small utility-scale solar installations. SolarEdge Technologies, Inc. is headquartered in Hod Hasharon, Israel. “
Several other research firms have also commented on SEDG. Needham & Company LLC reaffirmed a buy rating and set a $30.00 price target (up previously from $25.00) on shares of SolarEdge Technologies in a research report on Thursday, August 3rd. Deutsche Bank AG set a $25.00 target price on SolarEdge Technologies and gave the stock a buy rating in a research report on Wednesday, June 14th. UBS AG upgraded SolarEdge Technologies from a market perform rating to an outperform rating in a research note on Tuesday, July 18th. BidaskClub downgraded SolarEdge Technologies from a buy rating to a hold rating in a research report on Thursday, July 6th. Finally, Axiom Securities restated a sell rating on shares of SolarEdge Technologies in a research note on Friday, June 9th. Three analysts have rated the stock with a sell rating, two have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $23.11.
SolarEdge Technologies (SEDG) traded up 2.43% during trading on Wednesday, hitting $29.55. 674,822 shares of the company were exchanged. The firm’s 50 day moving average price is $27.84 and its 200-day moving average price is $27.84. The stock has a market capitalization of $1.24 billion, a PE ratio of 26.20 and a beta of 0.03. SolarEdge Technologies has a 1-year low of $11.35 and a 1-year high of $29.80.
SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.18. The business had revenue of $136.10 million during the quarter, compared to the consensus estimate of $125.07 million. SolarEdge Technologies had a return on equity of 21.01% and a net margin of 12.64%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.44 EPS. Equities analysts predict that SolarEdge Technologies will post $1.89 EPS for the current year.
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In other news, VP Zvi Lando sold 10,508 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $22.19, for a total value of $233,172.52. Following the sale, the vice president now owns 56,519 shares of the company’s stock, valued at $1,254,156.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Rachel Prishkolnik sold 30,000 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $27.69, for a total transaction of $830,700.00. Following the completion of the sale, the vice president now directly owns 20,000 shares of the company’s stock, valued at approximately $553,800. The disclosure for this sale can be found here. Insiders have sold 180,508 shares of company stock valued at $4,963,723 in the last three months. 16.40% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its position in shares of SolarEdge Technologies by 601.2% during the second quarter. Bank of New York Mellon Corp now owns 1,526,947 shares of the semiconductor company’s stock valued at $30,539,000 after buying an additional 1,309,184 shares during the last quarter. Ion Asset Management Ltd. purchased a new stake in shares of SolarEdge Technologies during the second quarter valued at $20,180,000. Janus Henderson Group PLC boosted its stake in shares of SolarEdge Technologies by 435.7% during the second quarter. Janus Henderson Group PLC now owns 946,920 shares of the semiconductor company’s stock valued at $18,932,000 after purchasing an additional 770,166 shares during the period. Sylebra HK Co Ltd boosted its stake in shares of SolarEdge Technologies by 24.1% during the first quarter. Sylebra HK Co Ltd now owns 2,121,621 shares of the semiconductor company’s stock valued at $33,097,000 after purchasing an additional 412,073 shares during the period. Finally, NN Investment Partners Holdings N.V. raised its holdings in shares of SolarEdge Technologies by 21.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,736,541 shares of the semiconductor company’s stock valued at $34,731,000 after acquiring an additional 305,179 shares in the last quarter. Institutional investors own 57.43% of the company’s stock.
About SolarEdge Technologies
SolarEdge Technologies, Inc offers an inverter solution for a solar photovoltaic (PV) system. The Company’s products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management.
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