JP MORGEN $31 NEW BUY RATING FOR SEDG!!SolarEdge Technologies Inc. (SEDG) Given a $31.00 Price Target by JPMorgan Chase & Co. Analysts
Posted by Andrew Walz on Aug 3rd, 2016 //
SolarEdge Technologies logoSolarEdge Technologies Inc. (NASDAQ:SEDG) has been assigned a $31.00 price target by analysts at JPMorgan Chase & Co. in a report released on Wednesday. The brokerage presently has a a “buy” rating on the stock. JPMorgan Chase & Co.’s target price points to a potential upside of 84.63% from the company’s previous close.
SolarEdge Technologies (NASDAQ:SEDG) traded up 1.19% during trading on Wednesday, reaching $16.99. The company’s stock had a trading volume of 527,233 shares. The stock has a market cap of $692.00 million and a price-to-earnings ratio of 11.87. SolarEdge Technologies has a 52-week low of $15.02 and a 52-week high of $33.70. The firm has a 50 day moving average price of $19.37 and a 200-day moving average price of $23.27.
SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Monday, May 9th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.10. During the same period in the prior year, the company earned $0.20 earnings per share. The business earned $125.20 million during the quarter, compared to the consensus estimate of $123.23 million. The business’s revenue was up 44.9% on a year-over-year basis. On average, analysts expect that SolarEdge Technologies will post $1.70 earnings per share for the current year.
Several large investors recently bought and sold shares of SEDG. Essex Investment Management Co. LLC increased its stake in SolarEdge Technologies by 11.7% in the second quarter. Essex Investment Management Co. LLC now owns 473,356 shares of the company’s stock valued at $9,278,000 after buying an additional 49,620 shares in the last quarter. Aviance Capital Management LLC bought a new stake in SolarEdge Technologies during the second quarter valued at about $247,000. Guinness Asset Management Ltd increased its stake in SolarEdge Technologies by 42.1% in the second quarter. Guinness Asset Management Ltd now owns 8,100 shares of the company’s stock valued at $159,000 after buying an additional 2,400 shares in the last quarter. Guinness Atkinson Asset Management Inc increased its stake in SolarEdge Technologies by 48.5% in the second quarter. Guinness Atkinson Asset Management Inc now owns 20,200 shares of the company’s stock valued at $396,000 after buying an additional 6,600 shares in the last quarter. Finally, New Harbor Financial Group LLC increased its stake in SolarEdge Technologies by 80.7% in the second quarter. New Harbor Financial Group LLC now owns 41,420 shares of the company’s stock valued at $811,000 after buying an additional 18,500 shares in the last quarter.
Several other equities analysts have also issued reports on SEDG. Zacks Investment Research lowered SolarEdge Technologies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 6th. Goldman Sachs Group Inc. lowered SolarEdge Technologies from a “buy” rating to a “neutral” rating and reduced their target price for the company from $42.00 to $25.00 in a report on Tuesday, May 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 target price (down from $38.00) on shares of SolarEdge Technologies in a report on Tuesday, May 10th. Canaccord Genuity reaffirmed a “buy” rating on shares of SolarEdge Technologies in a report on Tuesday, May 10th. Finally, Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of SolarEdge Technologies in a report on Tuesday, May 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. SolarEdge Technologies currently has a consensus rating of “Buy” and an average price target of $31.08.
In other SolarEdge Technologies news, VP Yoav Galin sold 10,874 shares of the stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $21.01, for a total transaction of $228,462.74. Following the completion of the transaction, the vice president now directly owns 444,166 shares of the company’s stock, valued at $9,331,927.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Solaredge Technologies Inc (SolarEdge) is a provider of solar power harvesting and photovoltaic (PV) monitoring solutions. The Company’s portfolio of products includes power optimizers, PV inverters and a Web portal for module-level monitoring and fault detection. Its SolarEdge power optimizer is a DC/DC converter which is connected by installers to each PV module or embedded by module manufacturers, replacing the solar junction box.
