B.Riley FBR analyst Carter Driscoll maintained a Buy rating on SolarEdge Technologies (NASDAQ: SEDG) yesterday and set a price target of $60. The company’s shares opened today at $38.04.
“Acquires battery supplier in constrained battery market. Prior to market open today (October 11), SolarEdge (SEDG-Buy, $60.00 PT) announced it has acquired a ~75% stake Korean provider of lithium-ion battery cells, batteries, and energy storage solutions. Kokam is a tier-1 battery manufacturer, ranked #5 in the ESS (energy storage systems) market with more than 700 MWh of field performance, according to Navigant. Kokam provides batteries to the utility scale ESS, UPS, electric vehicle, aerospace, marine, and other industries. SEDG is purchasing a 75% ownership stake for ~$88M (from controlling shareholders), including transaction fees, and should close in the coming weeks.”
According to TipRanks.com, Driscoll ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -7.6% and a 34.8% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Canadian Solar Inc, and Fuelcell Energy.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for SolarEdge Technologies with a $61 average price target.
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Based on SolarEdge Technologies’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $34.57 million. In comparison, last year the company had a net profit of $27.97 million.
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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. It offers residential solutions, commercial solutions, and grid services.