SolarEdge Technologies, Inc. (NASDAQ: SEDG) experienced a notable increase in its stock price, rising by 7.5% during trading on Friday. The stock peaked at $31.42 before settling at $31.0250. In total, 736,787 shares changed hands, a significant decline from the average volume of 2,655,334 shares. This increase follows a previous closing price of $28.85.
Analysts have expressed optimism regarding SolarEdge’s future performance. On November 6, 2023, the Royal Bank of Canada raised its price target for the company from $25.00 to $34.00 while maintaining a “sector perform” rating. This followed similar upgrades from other financial institutions, including Barclays, which lifted its target from $29.00 to $36.00, and Deutsche Bank Aktiengesellschaft, which increased its target from $19.00 to $28.00.
Another significant upgrade came from UBS Group, which revised its target price from $30.00 to $40.00, assigning a “neutral” rating in a report dated November 14, 2023. In contrast, Weiss Ratings reaffirmed a “sell (d-)” rating for SolarEdge. Out of the research analysts covering the stock, 19 have issued a “hold” rating, while nine have recommended selling the stock. According to data from MarketBeat.com, SolarEdge holds an average rating of “Reduce” and an average target price of $24.45.
Institutional Investments on the Rise
Recent trading activity indicates a growing interest among institutional investors in SolarEdge Technologies. Several funds have either acquired new positions or increased existing stakes in the company. Accent Capital Management LLC purchased a new stake valued at approximately $25,000 in the third quarter. Similarly, Edmond DE Rothschild Holding S.A. raised its stake by 60.0% in the first quarter, now holding 1,600 shares valued at around $26,000 after acquiring an additional 600 shares.
Other notable investments include Whittier Trust Co., which acquired a new position worth approximately $27,000, and Hantz Financial Services Inc., which increased its stake by 352.5%, now owning 733 shares valued at $27,000. Additionally, Saranac Partners Ltd entered the market with a stake valued at around $28,000. Currently, institutional investors and hedge funds collectively own 95.10% of SolarEdge’s stock.
About SolarEdge Technologies
Founded in 2006, SolarEdge Technologies is a prominent provider of solar energy solutions, focusing on optimizing photovoltaic (PV) power generation. The company’s product line features power optimizers, inverters, and cloud-based monitoring platforms, all designed to maximize energy output while enhancing safety across various installations, including residential, commercial, and utility-scale projects.
SolarEdge’s technology integrates module-level electronics with centralized inverters, allowing for real-time performance monitoring and rapid fault detection, which significantly improves system reliability. In recent years, SolarEdge has diversified its offerings to include energy storage systems, electric vehicle (EV) charging solutions, and smart energy management tools, further solidifying its role in the renewable energy sector.
As the market continues to evolve, SolarEdge Technologies remains at the forefront of innovation in solar energy, attracting increased attention from both analysts and investors alike.
