SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Up on Analyst Upgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) gapped up before the market opened on Tuesday after Barclays raised their price target on the stock from $11.00 to $12.00. The stock had previously closed at $18.72, but opened at $19.50. Barclays currently has an underweight rating on the stock. SolarEdge Technologies shares last traded at $20.48, with a volume of 833,433 shares trading hands.

Several other brokerages also recently commented on SEDG. Northland Capmk raised SolarEdge Technologies from a "strong sell" rating to a "hold" rating in a research report on Friday, May 23rd. Jefferies Financial Group lowered their target price on SolarEdge Technologies from $12.00 to $9.00 and set an "underperform" rating for the company in a research note on Tuesday, April 15th. Morgan Stanley reissued an "underweight" rating and set a $10.00 price objective on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Piper Sandler lifted their price objective on SolarEdge Technologies from $9.00 to $10.00 and gave the stock an "underweight" rating in a research note on Thursday, February 20th. Finally, BMO Capital Markets cut shares of SolarEdge Technologies from a "market perform" rating to an "underperform" rating and boosted their price objective for the company from $13.00 to $15.00 in a report on Thursday, February 20th. Ten research analysts have rated the stock with a sell rating, sixteen have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $17.00.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. lifted its stake in shares of SolarEdge Technologies by 60.0% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company's stock valued at $26,000 after buying an additional 600 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of SolarEdge Technologies by 93.7% in the first quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 790 shares in the last quarter. Millstone Evans Group LLC bought a new position in shares of SolarEdge Technologies in the fourth quarter worth about $27,000. Banque Cantonale Vaudoise bought a new position in shares of SolarEdge Technologies in the first quarter worth about $35,000. Finally, Jones Financial Companies Lllp grew its position in shares of SolarEdge Technologies by 401.2% during the fourth quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 1,954 shares in the last quarter. Institutional investors own 95.10% of the company's stock.

SolarEdge Technologies Price Performance

The firm has a 50 day moving average of $15.59 and a 200-day moving average of $15.29. The company has a market cap of $1.26 billion, a P/E ratio of -0.69 and a beta of 1.59. The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, topping analysts' consensus estimates of ($1.26) by $0.12. SolarEdge Technologies had a negative return on equity of 95.05% and a negative net margin of 192.13%. The company had revenue of $219.48 million for the quarter, compared to the consensus estimate of $205.39 million. During the same period in the previous year, the business earned ($1.90) earnings per share. The firm's revenue for the quarter was up 7.4% on a year-over-year basis. On average, equities research analysts predict that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

About SolarEdge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.