What's Going On With SolarEdge Stock?

SolarEdge Technologies, Inc. SEDG shares are trading lower Monday. The company announced a leadership transition plan which includes the CEO stepping down and a new CFO. 

The Details:

SolarEdge announced that Zvi Lando has stepped down as the company's chief executive officer effectively immediately, and the board of directors has initiated a search for a new CEO.  Ronen Faier, previously SolarEdge's chief financial officer, will serve as Interim CEO and Zvi Lando will remain a member of the board of directors. 

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In conjunction with this transition and as part of the company’s CFO transition plan, Ariel Porat, formerly the company’s Senior Vice President of Finance, will serve as chief financial officer, effective immediately.

“The road to a full recovery of SolarEdge is still ahead of us and to drive this recovery at a fast pace requires new energy and leadership,” said Lando. “As such, I have decided to resign from my position as CEO. I am confident the focus areas we have defined and the trajectory we are on will continue the improvement trend."

SolarEdge shares gained more than 14% amid a broader market rally on Friday and climbed in Monday's premarket session before reversing lower at the opening bell. According to data from Benzinga Pro, SolarEdge shares are trading near the stock’s 50-day moving average of $27.52 and 39.44% of shares are being sold short. 

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 $34 on SolarEdge Technologies. The Street high target is currently at $71 and the Street low target is $19. Of all the analysts covering SolarEdge Technologies, 4 have positive ratings, 23 have neutral ratings and 2 have negative ratings.

In the last month, 12 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering SolarEdge Technologies 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 69.79% 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 are down 4.45% at $27.49 at the time of publication Monday.

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