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

By Carrie Williams

Northland Securities analyst Gus Richard maintained a Buy rating on SolarEdge Technologies (SEDGResearch Report) today and set a price target of $72. The company’s shares closed yesterday at $59.22, close to its 52-week high of $61.66.

Richard observed:

“We expect the solar business to continue to grow at a high teens low twenties rate for the foreseeable future. Company is expanding into the Uninterruptible Power Supplies (UPS) which is used by data centers and hospitals, Lithium-ion battery manufacturing for energy storage and electric vehicle power trains. While non-solar revenue is currently small, 7% of revenue, we believe the Company is making big bets to diversify beyond its core solar market. Over time we expect SEDG to have a significant presence in a low carbon economy.”

According to TipRanks.com, Richard is a 5-star analyst with an average return of 21.2% and a 63.6% success rate. Richard covers the Consumer Goods sector, focusing on stocks such as Adesto Technologies Corp, Akoustis Technologies, and Axcelis Technologies.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for SolarEdge Technologies with a $62.17 average price target.

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The company has a one-year high of $61.66 and a one-year low of $32.43. Currently, SolarEdge Technologies has an average volume of 648.3K.

Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is negative on the stock.

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SolarEdge Technologies, Inc. engages in the operation of inverter solution for the harvesting and managing of photovoltaic solar power. The company’s products include power optimizer, inverter and monitoring portal. It offers residential solutions, commercial solutions, and grid services.