Solaredge Technologies Inc (NASDAQ:SEDG) was the target of a large growth in short interest during the month of July. As of July 14th, there was short interest totalling 5,888,450 shares, a growth of 26.1% from the June 30th total of 4,669,238 shares. Currently, 17.3% of the company’s shares are short sold. Based on an average daily trading volume, of 1,687,499 shares, the short-interest ratio is presently 3.5 days.
Solaredge Technologies (NASDAQ:SEDG) opened at 26.70 on Friday. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 23.67 and a beta of 0.04. Solaredge Technologies has a 52-week low of $11.35 and a 52-week high of $28.80. The stock has a 50 day moving average of $23.76 and a 200-day moving average of $18.10.
Solaredge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.37 by $0.18. Solaredge Technologies had a net margin of 16.55% and a return on equity of 28.13%. The company had revenue of $136.10 million during the quarter, compared to analysts’ expectations of $125.07 million. During the same period last year, the company posted $0.44 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, analysts expect that Solaredge Technologies will post $1.84 EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in Solaredge Technologies by 601.2% in the second quarter. Bank of New York Mellon Corp now owns 1,526,947 shares of the semiconductor company’s stock valued at $30,539,000 after buying an additional 1,309,184 shares in the last quarter. Ion Asset Management Ltd. bought a new stake in Solaredge Technologies during the second quarter valued at approximately $20,180,000. Janus Henderson Group PLC boosted its stake in Solaredge Technologies by 435.7% in the second quarter. Janus Henderson Group PLC now owns 946,920 shares of the semiconductor company’s stock valued at $18,932,000 after buying an additional 770,166 shares in the last quarter. Sylebra HK Co Ltd boosted its stake in Solaredge Technologies by 24.1% in the first quarter. Sylebra HK Co Ltd now owns 2,121,621 shares of the semiconductor company’s stock valued at $33,097,000 after buying an additional 412,073 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. boosted its stake in Solaredge Technologies by 21.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,736,541 shares of the semiconductor company’s stock valued at $34,731,000 after buying an additional 305,179 shares in the last quarter. Institutional investors own 58.32% of the company’s stock.
SEDG has been the subject of several recent research reports. Zacks Investment Research raised shares of Solaredge Technologies from a “hold” rating to a “strong-buy” rating and set a $25.00 price target for the company in a research report on Thursday, July 20th. ValuEngine cut shares of Solaredge Technologies from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub lowered shares of Solaredge Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. FBR & Co reiterated a “market perform” rating and set a $50.00 price target (up from $17.00) on shares of Solaredge Technologies in a research note on Thursday, May 11th. Finally, TheStreet upgraded shares of Solaredge Technologies from a “d” rating to a “c” rating in a research note on Wednesday, April 26th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and three have issued a strong buy rating to the stock. Solaredge Technologies currently has an average rating of “Buy” and a consensus target price of $23.11.
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About Solaredge Technologies
SolarEdge Technologies, Inc offers an inverter solution for a solar photovoltaic (PV) system. The Company’s products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management.
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