In the latest trading session, 0.54 million Solaredge Technologies Inc (NASDAQ:SEDG) shares changed hands as the company’s beta touched 1.54. With the company’s most recent per share price at $79.85 changing hands around $0.86 or 1.08% at last look, the market valuation stands at $4.54B. SEDG’s current price is a discount, trading about -333.06% off its 52-week high of $345.80. The share price had its 52-week low at $63.25, which suggests the last value was 20.79% up since then. When we look at Solaredge Technologies Inc’s average trading volume, we note the 10-day average is 3.07 million shares, with the 3-month average coming to 2.74 million.
Analysts gave the Solaredge Technologies Inc (SEDG) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 2.50. If we narrow down to specifics, the data shows that 1 out of 34 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 22 recommended SEDG as a Hold, 10 felt it is a Buy and 1 rated the stock as Underweight. Solaredge Technologies Inc’s EPS for the current quarter is expected to be -$0.96.
Solaredge Technologies Inc (NASDAQ:SEDG) trade information
Instantly SEDG is in green as seen in intraday trades today. With action 11.48%, the performance over the past five days has been green. The jump to weekly highs of 85.12 on Friday, 11/17/23 added 1.08% to the stock’s daily price. The company’s shares are showing year-to-date downside of -71.81%, with the 5-day performance at 11.48% in the green. However, in the 30-day time frame, Solaredge Technologies Inc (NASDAQ:SEDG) is -3.68% down. Looking at the short shares, we see there were 7.52 million shares sold at short interest cover period of 2.14 days.
The consensus price target for the stock as assigned by Wall Street analysts is $109.21, meaning bulls need an upside of 26.88% from its recent market value. According to analyst projections, SEDG’s forecast low is $34.42 with $384.00 as the target high. To hit the forecast high, the stock’s price needs a -380.9% plunge from its current level, while the stock would need to tank 56.89% for it to hit the projected low.
Solaredge Technologies Inc (SEDG) estimates and forecasts
Data shows that the Solaredge Technologies Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -73.28% over the past 6 months, a -15.13% in annual growth rate that is considerably lower than the industry average of 22.50%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Solaredge Technologies Inc will fall -133.60%, while the growth in revenue is estimated to hit -119.70% for the next quarter. Year-over-year growth is forecast to reach -3.70% down from the last financial year.
Consensus estimates given by 16 financial analysts project the company’s revenue in the current quarter to hit an average of $329.99 million. 12 analysts are of the opinion that Solaredge Technologies Inc’s revenue for the quarter ending Mar 2024 will be $416.98 million. The company’s revenue for the corresponding quarters a year ago was $890.7 million and $943.89 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -63.00%. The estimates for the next quarter sales put growth at -55.80%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -2.72%. The 2023 estimates are for Solaredge Technologies Inc earnings to decrease by -21.85%, but the outlook for the next 5-year period is at 12.94% per year.
Solaredge Technologies Inc is expected to release its next quarterly earnings report between February 12 and February 16.
Solaredge Technologies Inc (NASDAQ:SEDG)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 0.58% of Solaredge Technologies Inc shares while 93.91% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 94.46%. There are 93.91% institutions holding the Solaredge Technologies Inc stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 10.36% of the shares, roughly 5.86 million SEDG shares worth $1.58 billion.
Vanguard Group Inc holds the second largest percentage of outstanding shares, with 4.31% or 2.44 million shares worth $655.69 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard 500 Index Fund and iShares Global Clean Energy ETF. With 1.34 million shares estimated at $360.96 million under it, the former controlled 2.37% of total outstanding shares. On the other hand, iShares Global Clean Energy ETF held about 1.88% of the shares, roughly 1.06 million shares worth around $172.65 million.