SolarEdge Technologies (NASDAQ:SEDG) Trading 17.8% Higher - Still a Buy?

Key Points

• SolarEdge Technologies experienced a significant stock price increase of 17.8%, rising to $30.24 on Friday after closing at $25.67.
• Analysts have mixed ratings for SolarEdge, with a consensus rating of "Hold" and a target price averaging $17.70, following changes by several major firms.
• The company's recent earnings report indicated a revenue increase of 9% year-over-year, despite reporting a loss of ($0.81) EPS for the quarter.

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shot up 17.8% during trading on Friday . The stock traded as high as $28.75 and last traded at $30.24. 2,690,658 shares changed hands during trading, a decline of 44% from the average session volume of 4,798,398 shares. The stock had previously closed at $25.67.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SEDG shares. Canaccord Genuity Group boosted their target price on shares of SolarEdge Technologies from $14.00 to $16.50 and gave the stock a "hold" rating in a research report on Wednesday, May 7th. Guggenheim reiterated a "sell" rating and issued a $5.00 price objective on shares of SolarEdge Technologies in a research report on Wednesday, April 23rd. Northland Securities upgraded shares of SolarEdge Technologies from an "under perform" rating to a "market perform" rating and set a $15.50 price objective on the stock in a research report on Friday, May 23rd. Wall Street Zen upgraded shares of SolarEdge Technologies from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, UBS Group boosted their price objective on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 10th. Ten research analysts have rated the stock with a sell rating and nineteen have assigned a hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $17.70.

SolarEdge Technologies Stock Performance

The company has a 50 day moving average price of $23.91 and a 200-day moving average price of $18.49. The company has a current ratio of 1.94, a quick ratio of 1.42 and a debt-to-equity ratio of 0.72. The company has a market cap of $1.90 billion, a P/E ratio of -1.08 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its earnings results on Thursday, August 7th. The semiconductor company reported ($0.81) EPS for the quarter, hitting the consensus estimate of ($0.81). SolarEdge Technologies had a negative return on equity of 191.53% and a negative net margin of 177.64%. The firm had revenue of $289.43 million for the quarter, compared to the consensus estimate of $270.03 million. During the same period in the previous year, the business earned ($1.79) EPS. The business's quarterly revenue was up 9.0% compared to the same quarter last year. On average, equities analysts expect that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp raised its stake in SolarEdge Technologies by 93.7% during 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 during the period. Edmond DE Rothschild Holding S.A. grew its holdings in SolarEdge Technologies by 60.0% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 600 shares during the period. Banque Cantonale Vaudoise bought a new position in SolarEdge Technologies during the first quarter valued at $35,000. Canada Pension Plan Investment Board bought a new position in SolarEdge Technologies during the second quarter valued at $35,000. Finally, Public Employees Retirement System of Ohio boosted its holdings in shares of SolarEdge Technologies by 21.5% in the second quarter. Public Employees Retirement System of Ohio now owns 2,868 shares of the semiconductor company's stock worth $59,000 after acquiring an additional 508 shares during the period. 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.

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