Shares of Solaredge Technologies Inc (NASDAQ:SEDG) rose 5.9% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $41.15 and last traded at $41.03. Approximately 1,593,328 shares changed hands during trading, an increase of 64% from the average daily volume of 970,635 shares. The stock had previously closed at $38.73.
The semiconductor company reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.12. The company had revenue of $236.60 million for the quarter, compared to analyst estimates of $234.19 million. Solaredge Technologies had a return on equity of 32.26% and a net margin of 14.85%. The firm’s quarterly revenue was up 42.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.66 earnings per share.
SEDG has been the topic of a number of recent research reports. JPMorgan Chase & Co. set a $63.00 target price on Solaredge Technologies and gave the stock a “buy” rating in a research note on Wednesday, September 19th. Roth Capital set a $60.00 target price on Solaredge Technologies and gave the stock a “buy” rating in a research note on Friday, August 3rd. Cowen reiterated a “buy” rating and set a $57.00 target price on shares of Solaredge Technologies in a research note on Friday, August 3rd. B. Riley set a $64.00 price target on Solaredge Technologies and gave the stock a “buy” rating in a research report on Friday, August 3rd. Finally, Zacks Investment Research downgraded Solaredge Technologies from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 11th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $55.67.
Large investors have recently modified their holdings of the stock. Public Employees Retirement Association of Colorado acquired a new stake in Solaredge Technologies during the third quarter worth approximately $127,000. Ayalon Holdings Ltd. acquired a new stake in Solaredge Technologies during the second quarter worth approximately $134,000. NewSquare Capital LLC acquired a new stake in Solaredge Technologies during the second quarter worth approximately $161,000. Sei Investments Co. grew its position in Solaredge Technologies by 114.4% during the first quarter. Sei Investments Co. now owns 3,107 shares of the semiconductor company’s stock worth $163,000 after buying an additional 1,658 shares in the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of Solaredge Technologies in the 2nd quarter valued at $193,000. 73.98% of the stock is currently owned by institutional investors and hedge funds.
The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 18.24, a price-to-earnings-growth ratio of 0.62 and a beta of -0.48.
Solaredge Technologies Company Profile (NASDAQ:SEDG)
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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