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

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) gapped up before the market opened on Monday after Jefferies Financial Group raised their price target on the stock from $10.00 to $18.00. The stock had previously closed at $25.62, but opened at $26.66. Jefferies Financial Group currently has an underperform rating on the stock. SolarEdge Technologies shares last traded at $26.57, with a volume of 1,006,893 shares changing hands.

Other equities research analysts have also recently issued reports about the stock. Barclays upgraded shares of SolarEdge Technologies from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $12.00 to $29.00 in a research report on Monday. JPMorgan Chase & Co. dropped their price objective on shares of SolarEdge Technologies from $20.00 to $18.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Morgan Stanley restated an "underweight" rating and issued a $10.00 price objective on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. KeyCorp upgraded shares of SolarEdge Technologies from an "underweight" rating to a "sector weight" rating in a report on Tuesday, July 8th. Finally, Canaccord Genuity Group boosted their price target on shares of SolarEdge Technologies from $14.00 to $16.50 and gave the stock a "hold" rating in a report on Wednesday, May 7th. Ten equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, SolarEdge Technologies has an average rating of "Hold" and a consensus price target of $17.44.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SEDG. Fifth Third Bancorp lifted its position in SolarEdge Technologies by 93.7% in the 1st quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company's stock worth $26,000 after buying an additional 790 shares in the last quarter. Edmond DE Rothschild Holding S.A. lifted its position in SolarEdge Technologies by 60.0% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company's stock worth $26,000 after buying an additional 600 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in SolarEdge Technologies in the 4th quarter worth approximately $27,000. Jones Financial Companies Lllp lifted its position in SolarEdge Technologies by 401.2% in the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock worth $33,000 after buying an additional 1,954 shares in the last quarter. Finally, Banque Cantonale Vaudoise purchased a new stake in SolarEdge Technologies in the 1st quarter worth approximately $35,000. Hedge funds and other institutional investors own 95.10% of the company's stock.

SolarEdge Technologies Trading Up 4.3%

The company has a current ratio of 2.04, a quick ratio of 1.39 and a debt-to-equity ratio of 0.62. The company has a market cap of $1.58 billion, a PE ratio of -0.89 and a beta of 1.62. The business's 50-day simple moving average is $19.76 and its 200-day simple moving average is $16.54.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, topping the consensus estimate of ($1.26) by $0.12. SolarEdge Technologies had a negative net margin of 182.81% and a negative return on equity of 127.53%. The company had revenue of $219.48 million for the quarter, compared to analyst estimates of $205.39 million. During the same quarter in the prior year, the business posted ($1.90) EPS. SolarEdge Technologies's quarterly revenue was up 7.4% on a year-over-year basis. As a group, analysts expect that SolarEdge Technologies, Inc. will post -4.54 EPS for the current fiscal year.

SolarEdge Technologies Company Profile

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.