SolarEdge Technologies (NASDAQ:SEDG) Shares Surge 10.6% - What Lies Ahead?

On Thursday, SolarEdge Technologies, Inc. (NASDAQ:SEDG) saw its shares rise by an impressive 10.6%. The stock reached a high of $14.38 before settling at $14.70 at the end of the trading session. During the day, approximately 1,096,829 shares changed hands, which is a significant decline of 70% compared to the average daily volume of 3,688,348 shares. The previous closing price was $13.29.

Wall Street Analysts Predict Future Growth

Recently, SolarEdge has been in the spotlight among financial analysts and researchers. On January 14th, Barclays updated its target price for SolarEdge Technologies from $7.00 to $10.00 but assigned an "underweight" rating. Meanwhile, Roth Mkm reduced its price objective from $20.00 to $12.00 on November 7th and maintained a "neutral" rating. Also, on January 23rd, JPMorgan Chase lowered its price goal from $21.00 to $19.00, holding an "overweight" stance. Similarly, Susquehanna cut its price target from $20.00 to $11.00 while keeping a "neutral" rating.

Moreover, Canaccord Genuity raised its target price from $16.00 to $18.00, continuing its "hold" rating on the stock. In total, eight analysts have given SolarEdge a sell rating, while eighteen consider it a hold. Three analysts recommend buying the stock, and one has labeled it a strong buy, giving a current average rating of "Hold" with an average target price of $20.84.

Recent Performance and Financial Health

SolarEdge Technologies continues to show fluctuations in its stock. Recently, Goldman Sachs projected that the stock could potentially rise by 40%. Financially, the company’s debt-to-equity ratio stands at 0.39, with a quick ratio of 1.46 and a current ratio of 2.34. The stock has a 50-day moving average recorded at $14.20 and a 200-day moving average at $17.55. It currently holds a market cap of approximately $948.06 million and a price-to-earnings (P/E) ratio of -0.56, indicating some challenges to profitability, while its beta is 1.56, suggesting higher volatility compared to the market.

Institutional Interests in SolarEdge Technologies

Several institutional investors and hedge funds have recently adjusted their stakes in SolarEdge. For instance, Millstone Evans Group LLC acquired a new stake valued at roughly $27,000 in the fourth quarter. Additionally, Jones Financial Companies Lllp significantly increased its holdings by 401.2%, owning 2,441 shares worth $33,000 after adding 1,954 shares. KBC Group NV raised its holdings by 95.8% in the third quarter and now holds 2,816 shares valued at $65,000. Y.D. More Investments Ltd tripled its holdings by 251.8% during the fourth quarter, owning 3,870 shares worth $53,000. Furthermore, R Squared Ltd purchased a new stake valued at approximately $61,000. Overall, institutional investors own about 95.10% of SolarEdge's shares.

About SolarEdge Technologies

SolarEdge Technologies, Inc. is involved in the design, development, manufacturing, and selling of direct current (DC) optimized inverter systems primarily for solar photovoltaic (PV) installations. The company operates across the US, Germany, the Netherlands, Italy, and rest of Europe, with segments focusing on Solar and Energy Storage.

Should You Consider Investing in SolarEdge Technologies?

Before making any investment decisions regarding SolarEdge Technologies, it's crucial to review recent analysis and ratings from top-rated financial experts. Currently, the stock holds a "Reduce" rating among analysts, suggesting there might be better investment options available. The analysts have identified five stocks that they consider more promising for investors at this time.

SolarEdge, Investing, Stocks