Solaredge Technologies Inc [SEDG] moved down -12.18: Why It’s Important

Solaredge Technologies Inc [NASDAQ: SEDG] loss -12.18% or -10.28 points to close at $74.14 with a heavy trading volume of 8451173 shares. The company report on February 20, 2024 at 4:05 PM that SolarEdge Announces Fourth Quarter 2023 and Full Year 2023 Financial Results.

SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the fourth quarter ended December 31, 2023 and full year ended December 31, 2023.

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The daily chart for SEDG points out that the company has recorded -54.52% loss over the past six months.

If we look at the average trading volume of 3.02M shares, SEDG reached to a volume of 8451173 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Solaredge Technologies Inc [SEDG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SEDG shares is $82.13 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SEDG stock is a recommendation set at 2.91. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

TD Cowen have made an estimate for Solaredge Technologies Inc shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on Feb-22-24. While these analysts kept the previous recommendation, RBC Capital Mkts raised their target price to Sector Perform. The new note on the price target was released on February 14, 2024, representing the official price target for Solaredge Technologies Inc stock. Previously, the target price had yet another drop from $74 to $50, while Barclays kept a Underweight rating on SEDG stock.

The Average True Range (ATR) for Solaredge Technologies Inc is set at 5.74, with the Price to Sales ratio for SEDG stock in the period of the last 12 months amounting to 1.42. The Price to Book ratio for the last quarter was 1.76, with the Price to Cash per share for the same quarter was set at 15.14.

Trading performance analysis for SEDG stock

Solaredge Technologies Inc [SEDG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.15. With this latest performance, SEDG shares gained by 3.19% in over the last four-week period, additionally sinking by -54.52% over the last 6 months – not to mention a drop of -75.69% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SEDG stock in for the last two-week period is set at 46.45, with the RSI for the last a single of trading hit 44.37, and the three-weeks RSI is set at 46.56 for Solaredge Technologies Inc [SEDG]. The present Moving Average for the last 50 days of trading for this stock 80.38, while it was recorded at 82.63 for the last single week of trading, and 157.40 for the last 200 days.

Solaredge Technologies Inc [SEDG]: A deeper dive into fundamental analysis

Solaredge Technologies Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.08 and a Current Ratio set at 3.70.

Solaredge Technologies Inc [SEDG]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Solaredge Technologies Inc posted 2.9/share EPS, while the average EPS was predicted by analysts to be reported at 1.93/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 50.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SEDG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Solaredge Technologies Inc go to -0.12%.

An analysis of Institutional ownership at Solaredge Technologies Inc [SEDG]

The top three institutional holders of SEDG stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in SEDG stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in SEDG stock with ownership which is approximately 5.8325%.