SolarEdge Technologies (NASDAQ:SEDG) Stock Price Up 10.6%

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price shot up 10.6% during trading on Friday . The stock traded as high as $27.73 and last traded at $27.71. 597,145 shares were traded during trading, a decline of 81% from the average session volume of 3,183,216 shares. The stock had previously closed at $25.05.

Analyst Ratings Changes

A number of brokerages have weighed in on SEDG. Susquehanna reduced their price target on shares of SolarEdge Technologies from $36.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Roth Mkm decreased their target price on SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 9th. JPMorgan Chase & Co. lifted their price objective on SolarEdge Technologies from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Finally, Wells Fargo & Company cut their target price on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 2nd. Four investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $52.92.

SolarEdge Technologies Stock Performance

The stock’s 50 day simple moving average is $27.33 and its two-hundred day simple moving average is $50.17. The company has a market capitalization of $1.62 billion, a P/E ratio of -5.82 and a beta of 1.52. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The firm had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The firm’s quarterly revenue was down 73.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.06 EPS. As a group, research analysts expect that SolarEdge Technologies, Inc. will post -8.5 earnings per share for the current year.

Institutional Trading of SolarEdge Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in shares of SolarEdge Technologies during the 2nd quarter worth approximately $36,627,000. The Manufacturers Life Insurance Company boosted its stake in SolarEdge Technologies by 5.9% in the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock valued at $534,000 after acquiring an additional 1,175 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new stake in SolarEdge Technologies during the 2nd quarter worth $678,000. AQR Capital Management LLC bought a new stake in shares of SolarEdge Technologies during the 2nd quarter valued at $600,000. Finally, Marshall Wace LLP lifted its stake in shares of SolarEdge Technologies by 425.1% in the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after purchasing an additional 450,081 shares during the period. 95.10% of the stock is owned by institutional investors.

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.