SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $17.00 at Barclays

SolarEdge Technologies (NASDAQ:SEDG) had its target price lowered by equities research analysts at Barclays from $26.00 to $17.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “underweight” rating on the semiconductor company’s stock. Barclays‘s price target points to a potential downside of 10.81% from the company’s previous close.

SEDG has been the subject of a number of other research reports. JPMorgan Chase & Co. upped their target price on SolarEdge Technologies from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Wells Fargo & Company decreased their price objective on shares of SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 2nd. Bank of America cut their target price on shares of SolarEdge Technologies from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday. Canaccord Genuity Group reduced their price target on shares of SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating on the stock in a research report on Tuesday, June 25th. Finally, Truist Financial restated a “hold” rating and issued a $20.00 price objective on shares of SolarEdge Technologies in a report on Tuesday, August 27th. Six research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $46.81.

SolarEdge Technologies Trading Up 4.8 %

Shares of SEDG stock traded up $0.88 during mid-day trading on Friday, reaching $19.06. The stock had a trading volume of 1,025,078 shares, compared to its average volume of 3,251,453. The firm has a market capitalization of $1.09 billion, a PE ratio of -2.12 and a beta of 1.56. The stock’s 50-day moving average price is $22.36 and its two-hundred day moving average price is $37.95. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. SolarEdge Technologies has a 52-week low of $17.12 and a 52-week high of $130.38.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The business had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The firm’s revenue for the quarter was down 73.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.06 earnings per share. Equities analysts expect that SolarEdge Technologies will post -8.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors have recently modified their holdings of the business. Swedbank AB bought a new position in SolarEdge Technologies during the 1st quarter valued at about $261,312,000. Vanguard Group Inc. raised its holdings in shares of SolarEdge Technologies by 2.8% during the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after purchasing an additional 62,942 shares during the last quarter. Quarry LP bought a new position in SolarEdge Technologies during the second quarter valued at approximately $36,627,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in SolarEdge Technologies by 0.3% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock valued at $25,531,000 after purchasing an additional 2,795 shares during the period. Finally, Marshall Wace LLP boosted its holdings in SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after purchasing an additional 450,081 shares during the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.