Oppenheimer upgraded SEDG to "outperform" from "market perform"
SolarEdge Technologies Inc (NASDAQ:SEDG) stock is up 5.9% to trade at $288.49 after an upgrade from Oppenheimer to "outperform" from "market perform." The analyst in coverage sees the stock positioned for growth, and noted an attractive risk/reward profile. Plus, the firm believes the global solar industry will grow 3-5 times over the next decade.
Oppenheimer is joining the bullish majority amongst the brokerage bunch, with 20 of the 27 in coverage carrying a "buy" or better rating on SEDG. Plus, the 12-month consensus price target of $342.32 is a 19.1% premium to current levels.
Today's pop has SEDG reclaiming its year-to-date breakeven level, an impressive feat considering the broad market selloff most 'growth' stocks have found themselves in. Since drifting near $210roughly a month ago, the shares are up 28%. It's also worth noting that short interest has fallen 20.2% during that time period.
Meanwhile, though options volume has remained muted, puts have been more popular than usual. This is per SEDG's 50-day put/call volume ratio of 1.50 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 88% of readings from the past year.
Whatever the direction, options traders are in luck, as the stock's Schaeffer's Volatility Scorecard (SVS) stands at a high 77 out of 100. This indicates SEDG has exceeded options traders' volatility expectations over the past year.