Canaccord Genuity Group Issues Positive Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its price objective hoisted by investment analysts at Canaccord Genuity Group from $16.00 to $18.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 2.10% from the company’s current price.

Several other research firms have also recently commented on SEDG. Barclays lowered their target price on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. Wells Fargo & Company lifted their price objective on SolarEdge Technologies from $15.00 to $19.00 and gave the company an “equal weight” rating in a research report on Tuesday. The Goldman Sachs Group increased their target price on SolarEdge Technologies from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday. Royal Bank of Canada cut their price target on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 15th. Finally, Truist Financial dropped their price target on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a research note on Friday, November 8th. Seven analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, SolarEdge Technologies has a consensus rating of “Hold” and an average price target of $21.72.

SolarEdge Technologies Price Performance

Shares of NASDAQ SEDG traded up $1.34 during trading on Tuesday, reaching $17.63. The company had a trading volume of 6,305,246 shares, compared to its average volume of 5,598,692. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a twelve month low of $10.24 and a twelve month high of $87.98. The stock has a 50-day moving average price of $14.12 and a two-hundred day moving average price of $20.06. The stock has a market capitalization of $1.02 billion, a PE ratio of -0.61 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.03) EPS. As a group, sell-side analysts predict that SolarEdge Technologies will post -19.18 earnings per share for the current year.

Insider Activity

In related news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was purchased at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the transaction, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds have recently modified their holdings of SEDG. GAMMA Investing LLC grew its stake in shares of SolarEdge Technologies by 655.2% in the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after purchasing an additional 4,567 shares during the last quarter. Tidal Investments LLC boosted its holdings in SolarEdge Technologies by 19.7% during the third quarter. Tidal Investments LLC now owns 63,862 shares of the semiconductor company’s stock worth $1,463,000 after buying an additional 10,515 shares in the last quarter. Geode Capital Management LLC grew its position in SolarEdge Technologies by 3.7% in the third quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after buying an additional 25,474 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of SolarEdge Technologies in the third quarter valued at $278,000. Finally, Two Sigma Advisers LP lifted its position in shares of SolarEdge Technologies by 0.3% during the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after acquiring an additional 3,400 shares during the last quarter. 95.10% of the stock is currently 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.