With the current price of $216.06, the stock of SolarEdge Technologies, Inc. (NASDAQ:SEDG) concluded the trading session seeing its price rise by 19.91 points or at a gain of 10.15% compared to its previous day’s closing price of $196.15. About 2.004 million shares of the stock changed hands on the day. The trading volume of SEDG’s shares during the past session compares with the stock’s average daily trading volume of 1.169 million shares. On the other hand, a float of 47.48 million shares and a weekly performance of 15.02% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $139.14 for SEDG’s share which suggests that the stock, price of which is currently buoying between $187.34 and $209.3873, is prone to a loss of -35.6%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $88 to the stock.
The latest data released on July 15, 2020 shows that the short float in the SolarEdge Technologies, Inc.’s stock is trending downward as short interest in SEDG shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the SEDG is currently comprised of 12.41% of the float as the volume of shorted shares declined by -42818 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 5.894 million shares from the previous figure of 5.937 million shares. Stock’s average intraday volume is now standing at 846637 shares which indicate that the days to cover the shorts are nearly 6.961378.
After concluding the day’s trading, price of SolarEdge Technologies, Inc. (NASDAQ:SEDG) is up $39.58 over the week and it is $58.42 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $221.25 that was attained on 08/05/20.
The stock has traded as low as $62.37 in past 52-week, and its current price is 254.6% above from that 52-week low price mark recorded on 08/06/19, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0.8. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 74.04 as 14-days RSI of SolarEdge Technologies, Inc. This means that the SEDG is currently in an oversold territory and its share’s price movement is likely to be shaky for a while. Similarly, the stochastic oscillator is indicating a momentum of 73.47%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $207.91 for the SEDG’s share while placing it at a 2nd resistance point of $219.67 to be settled at. But if the stock takes a plunge lower than the 1st support price of $185.86 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $175.58.
MACD oscillator is showing a reading of 13.57 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
JMP Securities lowered its recommendation for SEDG stock from Mkt Outperform to Mkt Perform in a review note dated August 03. The stock gets its recommendation downgraded from Neutral to Sell from the analysts at Goldman who assigned a target price of $120 to $126 in their June 25 note to investors.Johnson Rice analysts started covering the stock with recommendation of Accumulate rating on May 27, while suggesting a price target of $150 to it.
The average rating of 2.57 for SEDG is placing the stock in bullish category at the moment. In a poll by Reuters including 14 analysts in it who kept tracking the SolarEdge Technologies, Inc., 7 rated the stock as hold. Others were in different opinions for the SEDG. Out of remaining 7 analysts, 5 rated the stock as a buy or strong buy. 2 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that SEDG stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 41.24. Stock’s current price-to-sales (P/S) ratio of 58.4 is in front of industry’s average P/S ratio of 54.9. A comparison of SolarEdge Technologies, Inc.’s trailing 12-months P/E ratio of 10.5 implies that it is trading above the industry’s average P/E ratio, which currently is 3.8.
Projection by Zacks Consensus Estimates suggests that SolarEdge Technologies, Inc. (NASDAQ:SEDG) will see its current-quarter revenues drop by nearly -99.92% to be decreased to about $337.04 million. Full-year revenue of the company is however forecasted to be increased by nearly 3.5% to bring $1480 million in revenues against last year revenue of $1430 million. Earnings, after adjustments, are likely to fell by -31.4% to post an EPS of $0.83, while estimate for company’s full year earnings is $3.78 per share with a growth rate of -14.86%.