Solaredge Technologies Inc (NASDAQ:SEDG) Sees Large Decrease in Short Interest

Solaredge Technologies Inc (NASDAQ:SEDG) was the recipient of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 3,730,000 shares, a decrease of 6.8% from the August 30th total of 4,000,000 shares. Based on an average trading volume of 1,070,000 shares, the short-interest ratio is presently 3.5 days. Approximately 8.2% of the shares of the stock are short sold.

NASDAQ:SEDG opened at $83.88 on Thursday. The firm has a market capitalization of $4.27 billion, a price-to-earnings ratio of 31.18, a PEG ratio of 1.36 and a beta of 0.06. Solaredge Technologies has a 1 year low of $32.42 and a 1 year high of $91.45. The business has a 50 day simple moving average of $83.19 and a 200-day simple moving average of $64.18. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.49 and a quick ratio of 1.98.

Solaredge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.01. The business had revenue of $325.00 million during the quarter, compared to analyst estimates of $315.53 million. Solaredge Technologies had a return on equity of 17.81% and a net margin of 10.09%. The company’s revenue for the quarter was up 43.1% on a year-over-year basis. During the same period last year, the company earned $0.82 EPS. As a group, analysts expect that Solaredge Technologies will post 2.99 earnings per share for the current fiscal year.

A number of equities analysts recently commented on the company. Credit Suisse Group increased their price target on Solaredge Technologies from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Cowen set a $85.00 price objective on Solaredge Technologies and gave the company a “buy” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. raised their price objective on Solaredge Technologies from $84.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. JMP Securities raised their price objective on Solaredge Technologies to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Cascend Securities reaffirmed a “buy” rating and issued a $75.00 price objective (up from $65.00) on shares of Solaredge Technologies in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. Solaredge Technologies presently has an average rating of “Buy” and a consensus target price of $78.07.

In related news, CFO Ronen Faier sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $84.63, for a total transaction of $4,231,500.00. Following the completion of the transaction, the chief financial officer now directly owns 124,200 shares of the company’s stock, valued at $10,511,046. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Yoav Galin sold 97,500 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $84.22, for a total value of $8,211,450.00. Following the transaction, the vice president now directly owns 59,030 shares of the company’s stock, valued at $4,971,506.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 241,599 shares of company stock valued at $20,141,696. Corporate insiders own 7.90% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Winslow Evans & Crocker Inc. raised its holdings in shares of Solaredge Technologies by 376.7% in the third quarter. Winslow Evans & Crocker Inc. now owns 410 shares of the semiconductor company’s stock worth $36,000 after buying an additional 324 shares during the period. Security National Bank purchased a new stake in shares of Solaredge Technologies in the third quarter worth approximately $1,977,000. Roman Butler Fullerton & Co. purchased a new stake in shares of Solaredge Technologies in the third quarter worth approximately $382,000. Gradient Investments LLC purchased a new stake in shares of Solaredge Technologies in the third quarter worth approximately $42,000. Finally, State of Alaska Department of Revenue raised its holdings in shares of Solaredge Technologies by 143.5% in the third quarter. State of Alaska Department of Revenue now owns 36,999 shares of the semiconductor company’s stock worth $3,097,000 after buying an additional 21,803 shares during the period. Hedge funds and other institutional investors own 80.51% of the company’s stock.

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 worldwide. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.

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