Wells Fargo & Company Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $15.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price dropped by equities research analysts at Wells Fargo & Company from $19.00 to $15.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 5.36% from the company’s current price.

Several other research firms have also recently weighed in on SEDG. Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $17.00 to $9.00 in a research note on Thursday, November 7th. The Goldman Sachs Group upped their price objective on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday. Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. BMO Capital Markets dropped their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group lifted their price objective on SolarEdge Technologies from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Tuesday. Eight research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $21.16.

SolarEdge Technologies Price Performance

NASDAQ:SEDG traded down $1.74 during trading hours on Wednesday, reaching $15.85. 2,033,531 shares of the company’s stock were exchanged, compared to its average volume of 5,121,924. The company has a market capitalization of $918.51 million, a P/E ratio of -0.55 and a beta of 1.56. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $87.98. The business’s 50-day simple moving average is $14.13 and its two-hundred day simple moving average is $19.95. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39.

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

Insider Activity at SolarEdge Technologies

In related news, Chairman More Avery bought 156,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was acquired 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 $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.67% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently made changes to their positions in SEDG. GAMMA Investing LLC raised its position in SolarEdge Technologies by 655.2% in the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock valued at $72,000 after purchasing an additional 4,567 shares during the last quarter. Tidal Investments LLC increased its stake in shares of SolarEdge Technologies by 19.7% in the third quarter. Tidal Investments LLC now owns 63,862 shares of the semiconductor company’s stock valued at $1,463,000 after buying an additional 10,515 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of SolarEdge Technologies by 3.7% in the third quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock valued at $16,227,000 after buying an additional 25,474 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in SolarEdge Technologies during the 3rd quarter worth about $278,000. Finally, Two Sigma Advisers LP increased its position in SolarEdge Technologies by 0.3% in 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 in the last quarter. Institutional investors and hedge funds 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.