Solaredge Technologies (SEDG) Given a $60.00 Price Target by B. Riley Analysts

B. Riley set a $60.00 price target on Solaredge Technologies (NASDAQ:SEDG) in a research report report published on Friday morning. The brokerage currently has a buy rating on the semiconductor company’s stock.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. dropped their target price on Solaredge Technologies from $63.00 to $59.00 and set a buy rating for the company in a report on Friday. ValuEngine downgraded Solaredge Technologies from a buy rating to a hold rating in a report on Friday, August 3rd. Roth Capital set a $60.00 target price on Solaredge Technologies and gave the stock a buy rating in a report on Friday, August 3rd. BidaskClub downgraded Solaredge Technologies from a hold rating to a sell rating in a report on Tuesday, September 11th. Finally, Zacks Investment Research downgraded Solaredge Technologies from a buy rating to a hold rating in a research note on Thursday, August 9th. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $55.00.

Shares of SEDG traded down $3.28 during midday trading on Friday, reaching $37.75. 4,353,189 shares of the stock were exchanged, compared to its average volume of 955,002. Solaredge Technologies has a twelve month low of $30.80 and a twelve month high of $70.74. The company has a market capitalization of $1.72 billion, a P/E ratio of 11.72, a P/E/G ratio of 0.62 and a beta of -0.41.

Solaredge Technologies (NASDAQ:SEDG) last posted its earnings results on Thursday, November 1st. The semiconductor company reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.04. Solaredge Technologies had a return on equity of 34.96% and a net margin of 15.69%. The company had revenue of $236.60 million during the quarter, compared to the consensus estimate of $234.19 million. During the same quarter last year, the firm earned $0.66 earnings per share. The company’s revenue was up 42.1% on a year-over-year basis. As a group, sell-side analysts expect that Solaredge Technologies will post 2.79 EPS for the current year.

A number of hedge funds have recently bought and sold shares of SEDG. Menora Mivtachim Holdings LTD. raised its stake in Solaredge Technologies by 56.2% in the second quarter. Menora Mivtachim Holdings LTD. now owns 3,139,422 shares of the semiconductor company’s stock valued at $150,221,000 after purchasing an additional 1,129,338 shares in the last quarter. NN Investment Partners Holdings N.V. raised its stake in Solaredge Technologies by 39.5% in the third quarter. NN Investment Partners Holdings N.V. now owns 3,394,855 shares of the semiconductor company’s stock valued at $127,818,000 after purchasing an additional 960,411 shares in the last quarter. OppenheimerFunds Inc. raised its stake in Solaredge Technologies by 7,753.6% in the second quarter. OppenheimerFunds Inc. now owns 536,084 shares of the semiconductor company’s stock valued at $25,651,000 after purchasing an additional 529,258 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd raised its stake in Solaredge Technologies by 59.4% in the second quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,228,457 shares of the semiconductor company’s stock valued at $58,782,000 after purchasing an additional 457,908 shares in the last quarter. Finally, BlackRock Inc. raised its stake in Solaredge Technologies by 13.0% in the second quarter. BlackRock Inc. now owns 3,708,519 shares of the semiconductor company’s stock valued at $177,453,000 after purchasing an additional 426,231 shares in the last quarter. 73.98% of the stock is owned by institutional investors and hedge funds.

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.

See Also: Initial Public Offering (IPO)

Analyst Recommendations for Solaredge Technologies (NASDAQ:SEDG)

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