SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $11.00 at TD Cowen

SolarEdge Technologies (NASDAQ:SEDG) had its price objective cut by investment analysts at TD Cowen from $16.00 to $11.00 in a note issued to investors on Thursday, Briefing.com reports. The brokerage currently has a “hold” rating on the semiconductor company’s stock. TD Cowen’s price objective would indicate a potential downside of 25.04% from the company’s previous close.

SEDG has been the subject of several other reports. Canaccord Genuity Group reduced their price objective on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Guggenheim cut shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price objective for the company. in a report on Thursday, October 17th. Citigroup dropped their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Morgan Stanley lowered their price target on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 8th. Finally, William Blair started coverage on SolarEdge Technologies in a report on Thursday, August 29th. They issued a “market perform” rating for the company. Nine analysts have rated the stock with a sell rating, seventeen have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, SolarEdge Technologies presently has a consensus rating of “Hold” and an average price target of $26.83.

SolarEdge Technologies Trading Down 22.2 %

NASDAQ:SEDG opened at $14.68 on Thursday. The stock has a market cap of $840.88 million, a price-to-earnings ratio of -1.63 and a beta of 1.59. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The company’s 50 day moving average price is $19.54 and its 200-day moving average price is $31.29. SolarEdge Technologies has a 52 week low of $14.50 and a 52 week high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The business had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. During the same quarter in the prior year, the business posted $2.06 earnings per share. The business’s revenue for the quarter was down 73.2% on a year-over-year basis. On average, equities research analysts forecast that SolarEdge Technologies will post -8.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in SEDG. International Assets Investment Management LLC purchased a new stake in shares of SolarEdge Technologies during the 2nd quarter worth approximately $28,000. EntryPoint Capital LLC purchased a new stake in SolarEdge Technologies during the first quarter valued at $64,000. KBC Group NV grew its stake in shares of SolarEdge Technologies by 95.8% in the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after buying an additional 1,378 shares in the last quarter. First Pacific Financial increased its holdings in shares of SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after buying an additional 1,805 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after buying an additional 4,834 shares in the last quarter. 95.10% of the stock is currently 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.