Analysts are weighing in on Solaredge Technologies Inc (SEDG), Advanced Micro Devices, Inc. (AMD), and Pandora Media Inc (P)
Analysts are weighing in on green energy stock Solaredge Technologies Inc (NASDAQ:SEDG), Apple Inc. (NASDAQ:AAPL) supplier Advanced Micro Devices, Inc. (NASDAQ:AMD), and music streaming service Pandora Media Inc (NYSE:P). Here's a quick roundup of today's brokerage notes on SEDG, AMD, and P.
- SEDG is down 7.7% at $15.58, after Needham cut its price target on the stock to $25 from $28, citing slowing installation growth. Solaredge Technologies Inc has now shed 45% since the beginning of the year, with the shares repeatedly running into resistance at SEDG's 40-day moving average since the stock's bear gap in early May. In the option pits, put buying has been popular amid relatively low absolute volume, with SEDG's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 39.80 sitting at an annual peak.
- AMD is up 5.4% at $6.05, following a price-target hike to $5 from $4 by Deutsche Bank. The chipmaker has more than doubled since the beginning of the year, and despite pulling back after hitting a four-year high of $8.00 in late August amid sector headwinds, AMD found a firm foothold atop its rising 80-day moving average. Option players, however, have been bracing for more downside. Advanced Micro Devices, Inc.'s 10-day put/call volume ratio of 0.85 at the ISE, CBOE, and PHLX ranks in the elevated 90th percentile of its annual range.
- P is continuing yesterday's slide, currently sitting down 5.5% at $13.32, as the the hype surrounding its new streaming service subsides. Even price-target hikes from Canaccord Genuity (to $18) and BMO (to $13) are not helping to boost the stock. Pandora Media Inc shares have lost over a quarter of their value year-over-year, and this most recent slide has the stock on pace to close south of its 40-day moving average for the first time since late July. There's likely some short sellers celebrating this downturn, though, with 26.1% of P's float sold short.
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