SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 14% - Here's Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shot up 14% during trading on Friday . The stock traded as high as $22.71 and last traded at $23.97. 2,547,091 shares were traded during trading, a decline of 45% from the average session volume of 4,628,681 shares. The stock had previously closed at $21.02.

Analysts Set New Price Targets

Several brokerages have recently commented on SEDG. Glj Research raised SolarEdge Technologies from a "strong sell" rating to a "hold" rating and set a $6.90 price objective for the company in a report on Friday, May 30th. Roth Mkm boosted their price objective on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a "neutral" rating in a report on Friday, February 21st. Wells Fargo & Company cut their price objective on SolarEdge Technologies from $19.00 to $15.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Royal Bank of Canada boosted their price objective on SolarEdge Technologies from $14.00 to $15.00 and gave the stock a "sector perform" rating in a report on Thursday, February 20th. Finally, Mizuho boosted their target price on SolarEdge Technologies from $15.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, June 2nd. Ten investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, SolarEdge Technologies has a consensus rating of "Hold" and an average target price of $17.00.

SolarEdge Technologies Stock Performance

The business has a fifty day simple moving average of $16.09 and a two-hundred day simple moving average of $15.45. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. The company has a market cap of $1.38 billion, a P/E ratio of -0.75 and a beta of 1.59.

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

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors have recently added to or reduced their stakes in SEDG. Point72 Asset Management L.P. bought a new stake in shares of SolarEdge Technologies in the 4th quarter valued at approximately $17,909,000. Ion Asset Management Ltd. lifted its stake in shares of SolarEdge Technologies by 135.9% during the 1st quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company's stock worth $33,695,000 after acquiring an additional 1,199,801 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of SolarEdge Technologies by 10,038.2% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,109,225 shares of the semiconductor company's stock worth $17,945,000 after acquiring an additional 1,098,284 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in shares of SolarEdge Technologies by 14.9% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company's stock worth $67,370,000 after acquiring an additional 641,915 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of SolarEdge Technologies by 67.6% during the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company's stock worth $17,262,000 after acquiring an additional 512,035 shares during the last quarter. Hedge funds and other institutional investors own 95.10% of the company's stock.

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.