Canaccord Genuity Group Trims SolarEdge Technologies (NASDAQ:SEDG) Target Price to $38.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target decreased by Canaccord Genuity Group from $58.00 to $38.00 in a report published on Tuesday, Marketbeat reports. Canaccord Genuity Group currently has a hold rating on the semiconductor company’s stock.

Several other research firms also recently commented on SEDG. Barclays raised their price objective on shares of SolarEdge Technologies from $50.00 to $61.00 and gave the stock an underweight rating in a report on Tuesday, April 16th. The Goldman Sachs Group cut their price objective on shares of SolarEdge Technologies from $64.00 to $49.00 and set a sell rating for the company in a report on Thursday, May 9th. JPMorgan Chase & Co. cut their price objective on shares of SolarEdge Technologies from $73.00 to $59.00 and set an overweight rating for the company in a report on Thursday, June 20th. Northland Securities downgraded shares of SolarEdge Technologies from an outperform rating to a market perform rating in a report on Thursday, May 9th. Finally, DZ Bank assumed coverage on shares of SolarEdge Technologies in a report on Wednesday, April 17th. They issued a hold rating and a $62.00 price objective for the company. Four analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, SolarEdge Technologies presently has an average rating of Hold and a consensus price target of $76.35.

SolarEdge Technologies Trading Up 1.1 %

Shares of SEDG stock opened at $25.27 on Tuesday. The company has a 50 day moving average of $48.21 and a 200-day moving average of $65.67. The company has a quick ratio of 2.19, a current ratio of 4.54 and a debt-to-equity ratio of 0.30. SolarEdge Technologies has a 12-month low of $24.44 and a 12-month high of $288.87. The firm has a market cap of $1.45 billion, a P/E ratio of -5.43 and a beta of 1.62.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.07) by ($0.35). SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. The company had revenue of $204.40 million for the quarter, compared to analysts’ expectations of $194.82 million. Sell-side analysts anticipate that SolarEdge Technologies will post -6.3 earnings per share for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

Large investors have recently added to or reduced their stakes in the business. Manchester Capital Management LLC raised its position in SolarEdge Technologies by 1,345.0% in the 4th quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 269 shares during the period. GAMMA Investing LLC bought a new stake in SolarEdge Technologies in the 4th quarter worth $30,000. Kayne Anderson Rudnick Investment Management LLC grew its holdings in SolarEdge Technologies by 194.7% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 183 shares during the last quarter. Versant Capital Management Inc grew its holdings in SolarEdge Technologies by 1,066.7% in the 1st quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 640 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new stake in SolarEdge Technologies in the 1st quarter worth $64,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.