Solaredge Technologies Inc (NASDAQ:SEDG) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totalling 6,666,059 shares, a growth of 51.9% from the May 31st total of 4,388,834 shares. Based on an average daily trading volume, of 1,884,211 shares, the days-to-cover ratio is currently 3.5 days. Currently, 16.6% of the company’s shares are sold short.
In other news, VP Zvi Lando sold 72,000 shares of Solaredge Technologies stock in a transaction on Thursday, April 5th. The stock was sold at an average price of $55.01, for a total value of $3,960,720.00. Following the completion of the sale, the vice president now directly owns 8,333 shares of the company’s stock, valued at $458,398.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Meir Adest sold 1,441 shares of Solaredge Technologies stock in a transaction on Monday, June 4th. The shares were sold at an average price of $55.49, for a total value of $79,961.09. Following the completion of the sale, the vice president now directly owns 341,897 shares of the company’s stock, valued at $18,971,864.53. The disclosure for this sale can be found here. Insiders sold 313,183 shares of company stock valued at $18,492,097 over the last ninety days. Insiders own 9.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Menora Mivtachim Holdings LTD. boosted its holdings in Solaredge Technologies by 58.1% in the first quarter. Menora Mivtachim Holdings LTD. now owns 2,010,084 shares of the semiconductor company’s stock valued at $105,730,000 after purchasing an additional 738,703 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Solaredge Technologies in the first quarter valued at $2,845,000. Principal Financial Group Inc. lifted its holdings in Solaredge Technologies by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 278,011 shares of the semiconductor company’s stock worth $14,623,000 after buying an additional 7,643 shares during the last quarter. Navellier & Associates Inc purchased a new stake in Solaredge Technologies during the 1st quarter worth about $1,495,000. Finally, Cypress Capital Group purchased a new stake in Solaredge Technologies during the 1st quarter worth about $201,000. Hedge funds and other institutional investors own 67.92% of the company’s stock.
Solaredge Technologies opened at $46.45 on Thursday, Marketbeat.com reports. The firm has a market capitalization of $2.21 billion, a P/E ratio of 20.64, a P/E/G ratio of 0.80 and a beta of -0.53. Solaredge Technologies has a 12-month low of $19.06 and a 12-month high of $70.74.
Solaredge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, May 9th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.07. The firm had revenue of $209.90 million during the quarter, compared to analyst estimates of $204.38 million. Solaredge Technologies had a return on equity of 32.27% and a net margin of 15.06%. Solaredge Technologies’s revenue was up 82.4% compared to the same quarter last year. During the same period last year, the business posted $0.36 earnings per share. research analysts anticipate that Solaredge Technologies will post 2.78 EPS for the current year.
A number of brokerages have recently weighed in on SEDG. Canaccord Genuity set a $66.00 price objective on Solaredge Technologies and gave the company a “buy” rating in a research note on Saturday, May 12th. Oppenheimer lifted their price objective on Solaredge Technologies from $50.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, May 10th. JPMorgan Chase & Co. lifted their price objective on Solaredge Technologies to $66.00 and gave the company an “overweight” rating in a research note on Thursday, May 10th. JMP Securities cut Solaredge Technologies from an “outperform” rating to a “market perform” rating and set a $25.00 price objective for the company. in a research note on Thursday, May 10th. Finally, Roth Capital set a $70.00 price objective on Solaredge Technologies and gave the company a “buy” rating in a research note on Thursday, May 10th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $56.00.
About Solaredge Technologies
SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in Israel, the United States, the Netherlands, Europe, and internationally. The company's DC optimized inverter systems include power optimizers and inverters, as well as a cloud-based monitoring platform.
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