SolarEdge Technologies, Inc. SEDG shares are trading lower after-hours Monday after the company announced its intentions for a $300 million private offering. 

The Details

SolarEdge announced it intends to offer a $300 million aggregate principal amount of convertible senior notes due 2029 in a private offering to qualified institutional buyers. In connection with the offering, SolarEdge expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $45 million aggregate principal amount of the notes on the same terms and conditions. 

According to data from Benzinga Pro, SolarEdge shares are down more than 30% over the past month and 23.44% of available shares are being sold short.

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Will SEDG Stock Go Up?

When trying to assess whether or not SolarEdge Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $68.70 on SolarEdge Technologies. The Street high target is currently at $124 and the Street low target is $44. Of all the analysts covering SolarEdge Technologies, six have positive ratings, 11 have neutral ratings and three have negative ratings.

In the last month, two analysts have adjusted price targets. Here's a look at recent price target changes via Benzinga’s analyst ratings and see how analysts covering the company have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. SolarEdge Technologies is 86.57% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about SolarEdge Technologies, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

SEDG Price Action: According to Benzinga Pro, SolarEdge shares ended Monday's regular session up 0.73% at $33.25, and are down 15.79% after-hours at $27.99 at the time of publication.

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