SolarEdge announces acquisition of Wevo Energy

SolarEdge Technologies Inc (NASDAQ: SEDG), a leader in smart energy technology, said earlier this week it had finalized the acquisition of the entire share capital of Wevo Energy Ltd.

Wevo is a startup firm that specializes in EV charging optimization and management for sites with huge quantities of EV chargers (apartment buildings, workplace carparks etc.).

”This acquisition represents the continuation of SolarEdge’s strategy to enhance its software portfolio for the Commercial and Industrial segment. We are excited for Wevo to join the SolarEdge team following our initial investment and the impressive progress it has demonstrated over the past year. As the EV market continues to grow, distributed renewable energy will be key to unlocking the full potential of the electrification of mobility. Wevo’s software capabilities and know-how represent a building block for EV-attached solar, and today it becomes a part of SolarEdge’s energy ecosystem,” Zvi Lando, Chief Executive Officer of SolarEdge Technologies, said in a press release.

Stock Performance

The shares of SolarEdge Technologies Inc (SEDG) closed 3.02% ($2.08) lower at $66.69 on Nasdaq on Friday, as they snapped a two-day streak of gains.

The company’s total market cap now stands at $3.81 billion.

The shares of SolarEdge Technologies Inc (SEDG) went down 66.96% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have retreated 28.75% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 14 out of 23 surveyed investment analysts had rated SolarEdge Technologies Inc’s stock as “Hold”, while 6 – as “Buy”. The median price target on the stock stands at $83.00, which translates into a 24.46% upside compared to the closing price on Friday.

The high point of the analyst forecast range stands at $133.00.