SolarEdge Technologies (NASDAQ:SEDG) Upgraded to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded SolarEdge Technologies from “sell” to “hold.” Despite the change, the broader analyst consensus remains “Reduce,” with 11 Hold, five Sell and two Buy ratings and an average price target of $39.13.
• SolarEdge shares opened at $32.21, down 0.8%, and remain well below their 52-week high of $81.25. The company posted quarterly EPS of $0.05 versus expectations of a $0.02 loss, while revenue rose 19.6% year over year to $346.2 million.
• Institutional ownership stands at 95.1%. Recent activity included new stakes from Clal Insurance and Legal & General, along with Bank of America increasing its position by 218.6%.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Sunday, Wall Street Zen reports.

Several other research analysts have also recently weighed in on the stock. Weiss Ratings raised shares of SolarEdge Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, October 2nd. Mizuho lifted their target price on shares of SolarEdge Technologies from $38.00 to $40.00 and gave the stock a "neutral" rating in a research note on Friday, September 11th. The Goldman Sachs Group decreased their target price on shares of SolarEdge Technologies from $34.00 to $30.00 and set a "sell" rating on the stock in a report on Thursday, August 6th. Susquehanna dropped their price target on shares of SolarEdge Technologies from $56.00 to $38.00 and set a "neutral" rating for the company in a research note on Thursday, August 6th. Finally, UBS Group upgraded shares of SolarEdge Technologies from a "neutral" rating to a "buy" rating and raised their price target for the stock from $36.00 to $42.00 in a report on Wednesday, August 26th. Two investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $39.13.

SolarEdge Technologies Trading Down 0.8%

Shares of SolarEdge Technologies stock opened at $32.21 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.03 and a quick ratio of 1.38. The stock's 50 day simple moving average is $33.64 and its 200-day simple moving average is $45.47. The stock has a market cap of $1.98 billion, a P/E ratio of -7.16 and a beta of 1.44. SolarEdge Technologies has a 1-year low of $28.21 and a 1-year high of $81.25.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.02) by $0.07. The firm had revenue of $346.20 million for the quarter, compared to the consensus estimate of $341.15 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. The firm's revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.81) earnings per share. Analysts predict that SolarEdge Technologies will post -1.20 EPS for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Several institutional investors have recently added to or reduced their stakes in the stock. Clal Insurance Enterprises Holdings Ltd purchased a new position in SolarEdge Technologies during the 2nd quarter valued at about $55,514,000. Bank of America Corp DE increased its stake in SolarEdge Technologies by 218.6% during the first quarter. Bank of America Corp DE now owns 404,297 shares of the semiconductor company's stock worth $20,639,000 after purchasing an additional 277,385 shares during the period. Legal & General Group Plc acquired a new stake in shares of SolarEdge Technologies during the second quarter worth about $76,095,000. Handelsbanken Fonder AB boosted its stake in shares of SolarEdge Technologies by 16.6% in the second quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company's stock valued at $71,905,000 after purchasing an additional 175,281 shares during the period. Finally, Man Group plc acquired a new position in shares of SolarEdge Technologies in the second quarter valued at approximately $6,540,000. Institutional investors and hedge funds own 95.10% of the company's stock.

About SolarEdge Technologies

SolarEdge Technologies, Inc NASDAQ: SEDG develops technologies for generating, storing and managing solar energy. The company is best known for its power optimizer and inverter architecture, which is designed to improve energy harvesting from photovoltaic panels and provide monitoring and control at the module level.

Its product portfolio includes power optimizers, residential and commercial inverters, battery-storage systems, backup-power solutions, electric-vehicle charging equipment and energy-management software.

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