Oppenheimer Believes SolarEdge Technologies (NASDAQ: SEDG) Still Has Room to Grow

In a report released today, Colin Rusch from Oppenheimer maintained a Buy rating on SolarEdge Technologies (NASDAQ: SEDG), with a price target of $64. The company’s shares closed yesterday at $55.65, close to its 52-week high of $59.20.

Rusch said:

“SEDG posted solid top- and bottom-line results roughly in line with Street expectations while guiding slightly ahead of consensus. We believe investors will focus on the acquisition of Gamatronic, a supplier of uninterruptible power supplies (UPS) and growth prospects. SEDG indicated this is the first of what it believes will be multiple moves into adjacent markets, noting it expected Gamatronic to have a similar margin profile. We believe the diversification is a positive development for longer term growth as we see strong trends toward increased distributed generation and microgrids. We believe SEDG is positioned to be a key enabler of both trends but needs to augment its technology portfolio either through internal development or acquisition.”

According to TipRanks.com, Rusch is a 5-star analyst with an average return of 14.2% and a 51.2% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Canadian Solar Inc, and Fuelcell Energy.

Currently, the analyst consensus on SolarEdge Technologies is Moderate Buy and the average price target is $59.33, representing a 6.6% upside.

In a report issued on May 6, Canaccord Genuity also maintained a Buy rating on the stock with a $55 price target.

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SolarEdge Technologies’ market cap is currently $2.44B and has a P/E ratio of 30.08. The company has a Price to Book ratio of 6.13.

Based on the recent corporate insider activity of 96 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2018, Doron Inbar, a Director at SEDG sold 20,000 shares for a total of $1,065,200.

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SolarEdge Technologies, Inc. engages in the operation of inverter solution for the harvesting and managing of photovoltaic solar power. Its products include power optimizer, inverter and monitoring portal. The company was founded by Guy Sella, Lior Handelsman, Yoav Galin, Meir Adest and Amir Fishelov in 2006 and is headquartered in Hod HaSharon, Israel.