SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 6.4% Following Analyst Upgrade

Key Points

• SolarEdge shares rose 6.4% to about $36.91 after Mizuho raised its price target from $38 to $40, while maintaining a neutral rating. Trading volume was about 86% below the average session volume.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating, with 2 Buy, 11 Hold, and 5 Sell ratings and an average price target of $39.
• SolarEdge reported better-than-expected quarterly results, with EPS of $0.05 versus estimates of a $0.02 loss and revenue of $346.2 million, up 19.6% year over year. However, the company continues to post negative margins and analysts expect a full-year loss of $1.23 per share.

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s stock price was up 6.4% on Monday after Mizuho raised their price target on the stock from $38.00 to $40.00. Mizuho currently has a neutral rating on the stock. SolarEdge Technologies traded as high as $36.25 and last traded at $36.9070. 498,642 shares were traded during trading, a decline of 86% from the average session volume of 3,473,088 shares. The stock had previously closed at $34.68.

Several other research firms have also issued reports on SEDG. JPMorgan Chase & Co. boosted their price target on shares of SolarEdge Technologies from $37.00 to $44.00 and gave the company a "neutral" rating in a research report on Friday. Royal Bank Of Canada lifted their price objective on shares of SolarEdge Technologies from $24.00 to $30.00 and gave the company a "sector perform" rating in a research note on Friday. Weiss Ratings raised shares of SolarEdge Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, August 21st. Wells Fargo & Company assumed coverage on SolarEdge Technologies in a research report on Monday, June 29th. They set an "equal weight" rating and a $36.00 target price on the stock. Finally, Susquehanna cut their price target on SolarEdge Technologies from $56.00 to $38.00 and set a "neutral" rating for the company in a report on Thursday, August 6th. Two analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $39.00.

Institutional Investors Weigh In On SolarEdge Technologies

A number of large investors have recently added to or reduced their stakes in the company. State of Wyoming bought a new position in shares of SolarEdge Technologies during the fourth quarter valued at about $27,000. Allworth Financial LP purchased a new position in SolarEdge Technologies during the 2nd quarter valued at about $31,000. Kestra Advisory Services LLC purchased a new position in SolarEdge Technologies during the 4th quarter valued at about $31,000. Canada Pension Plan Investment Board bought a new position in SolarEdge Technologies during the 2nd quarter valued at approximately $35,000. Finally, Nykredit A S bought a new position in SolarEdge Technologies during the 2nd quarter valued at approximately $36,000. Institutional investors own 95.10% of the company's stock.

SolarEdge Technologies Trading Up 5.8%

The firm has a market cap of $2.26 billion, a PE ratio of -8.15 and a beta of 1.44. The firm has a fifty day simple moving average of $39.82 and a two-hundred day simple moving average of $46.37. The company has a current ratio of 2.03, a quick ratio of 1.38 and a debt-to-equity ratio of 0.85.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.07. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%.The company had revenue of $346.20 million during the quarter, compared to the consensus estimate of $341.15 million. During the same quarter in the prior year, the company earned ($0.81) earnings per share. The firm's revenue for the quarter was up 19.6% on a year-over-year basis. Equities analysts forecast that SolarEdge Technologies, Inc. will post -1.23 EPS for the current year.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc develops smart energy technology for solar power generation, energy storage and energy management. The company is best known for its DC-optimized inverter system, which uses power optimizers attached to individual solar modules to improve energy harvesting and provide module-level monitoring. Its platform is designed to support residential, commercial and utility-scale photovoltaic installations.

The company's product portfolio includes power optimizers, inverters, monitoring and management software, batteries and energy storage systems, and related solutions for backup power and electric vehicle charging.

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