SolarEdge Technologies (NASDAQ:SEDG) PT Lowered to $25.00 at Piper Sandler

SolarEdge Technologies (NASDAQ:SEDG) had its price objective lowered by Piper Sandler from $29.00 to $25.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the semiconductor company’s stock.

A number of other analysts have also issued reports on the stock. Wells Fargo & Company decreased their target price on shares of SolarEdge Technologies from $62.00 to $29.00 and set an equal weight rating on the stock in a research report on Tuesday, July 2nd. Canaccord Genuity Group cut their price target on shares of SolarEdge Technologies from $38.00 to $27.00 and set a hold rating on the stock in a research note on Thursday. JPMorgan Chase & Co. increased their price target on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the stock an overweight rating in a research note on Tuesday, July 16th. BMO Capital Markets cut their price target on shares of SolarEdge Technologies from $73.00 to $56.00 and set a market perform rating on the stock in a research note on Thursday, May 9th. Finally, Royal Bank of Canada cut their price target on shares of SolarEdge Technologies from $71.00 to $37.00 and set a sector perform rating on the stock in a research note on Monday, July 8th. Four investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $52.92.

SolarEdge Technologies Stock Down 7.3 %

Shares of NASDAQ SEDG opened at $21.20 on Thursday. SolarEdge Technologies has a 1 year low of $19.81 and a 1 year high of $186.79. The firm’s 50 day moving average price is $31.29 and its 200 day moving average price is $52.72. The firm has a market cap of $1.21 billion, a P/E ratio of -4.56 and a beta of 1.52. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.19 and a current ratio of 4.54.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. The firm had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. During the same quarter last year, the business posted $2.06 EPS. The firm’s revenue was down 73.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that SolarEdge Technologies will post -7.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SEDG. Swedbank AB acquired a new position in SolarEdge Technologies during the 1st quarter worth $261,312,000. Invenomic Capital Management LP acquired a new position in SolarEdge Technologies during the 4th quarter worth $42,644,000. Norges Bank acquired a new position in SolarEdge Technologies during the 4th quarter worth $39,547,000. Franklin Resources Inc. grew its holdings in SolarEdge Technologies by 112.0% during the 4th quarter. Franklin Resources Inc. now owns 555,796 shares of the semiconductor company’s stock worth $52,023,000 after acquiring an additional 293,588 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in SolarEdge Technologies by 371.3% during the 4th quarter. Principal Financial Group Inc. now owns 288,935 shares of the semiconductor company’s stock worth $27,044,000 after acquiring an additional 227,634 shares in the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

About SolarEdge Technologies

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.