Double Upgrade Pushes Solar Stock Toward Best Day in 2 Years

The majority of analysts are bearish on SEDG

Laura McCandless

Deputy Editor

Dec 17, 2024 at 11:02 AM

SEDG

Shares of SolarEdge Technologies Inc (NASDAQ:SEDG) are up 13.6% at $13.99 at last glance, after a rare double-upgrade from Goldman Sachs to "buy" from "sell." The analyst sees upside for the stock in 2025, saying the market is "overplaying the risks" of the solar sector.

Goldman Sachs is now, notably, one of just a few analysts in coverage carrying a bullish rating on SEDG. Of the 35 analysts in coverage, 24 carry a "hold," and eight a "sell" or worse.

SolarEdge stock is now headed for its largest single-day percentage gain since November 2022. Pressure at the $16 level still lingers above, however, as the stock attempts to remove itself from its recent Nov. 20 record low of $10.24. Year to date, the equity is down 84.7%.

Call traders are targeting SEDG after the bull note. So far today, 14,000 calls have been exchanged -- triple the amount typically seen at this point -- in comparison to 3,152 puts. The December 15 call is the most active contract, followed by the December 18 call, with new positions being opened at both.

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