Solar solutions supplier SolarEdge Technologies Inc. (NASDAQ: SEDG) was upgraded by analysts at Oppenheimer last week. The announcement was the catalyst for an almost 20% increase in prices in only a few days.
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On Thursday, June 2nd, Oppenheimer upgraded SolarEdge Technologies Inc. (SEDG) to above average and boosted its price target to $334. Typically, such a prognosis is seen as a recommendation to purchase potential stocks.
SEDG is in good market conditions, according to analysts, as demand for alternative energy sources continues to rise. Another aspect driving development is the increased action of governments and international organizations to decrease harmful emissions and maintain energy security.
Solar energy, according to Oppenheimer, might become one of the most appealing investment opportunities. Simultaneously, firms like SolarEdge Technologies Inc. (SEDG) may be among the first to benefit from emerging environmental trends. They are more shielded from inflationary pressures and economic downturns in particular.
SolarEdge Technologies Inc. (SEDG) is a maker of inverters, which are devices that transfer energy from solar panels to the grid or directly to customers of high-voltage electric current. The firm, for example, makes inverters, which are used to power charging stations for electric vehicles, as well as smart solutions for controlling solar power systems.
SolarEdge Technologies Inc. (SEDG), on the other hand, does not engage directly with customers, instead of entering into contracts with utility companies and solar energy system installers. This is a strength of SolarEdge Technologies’ company and aids in revenue scaling.
SEDG stock has a 5-day range of $267.39 to $314.52, with a total return of +9.46 percent during that time period. Meanwhile, over the previous month of trading, this stock has moved in a range of $207.00 to $314.52, a change of +21.87 percent. This stock’s price has moved by +4.66 percent in the last three months, moving in the range of $207.00 to $344.61.