SolarEdge Stock Surges on Oppenheimer Upgrade

SEDG has reclaimed its year-to-date breakeven level today

Deputy Editor
Jun 2, 2022 at 10:24 AM
facebook twitter linkedin


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.

 
 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

SCHAEFFER'S JULY STOCKS REPORT AD
 


 


 
Special Offers from Schaeffer's Trading Partners