SolarEdge Technologies (NASDAQ:SEDG) Price Target Raised to $19.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target hoisted by Wells Fargo & Company from $15.00 to $19.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the semiconductor company’s stock.

Several other research analysts also recently issued reports on the company. Citigroup lowered their price objective on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Barclays decreased their price target on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a report on Friday, November 15th. TD Cowen lowered their price objective on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. Bank of America downgraded SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $21.00 to $14.00 in a research note on Thursday, November 7th. Finally, Susquehanna dropped their price objective on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Eight equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $21.16.

SolarEdge Technologies Price Performance

Shares of NASDAQ:SEDG opened at $14.99 on Tuesday. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $87.98. The stock has a market capitalization of $868.67 million, a PE ratio of -0.52 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The firm has a 50 day moving average of $14.05 and a 200-day moving average of $19.88.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) 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 the consensus estimate of $272.80 million. During the same period last year, the company posted ($1.03) EPS. The firm’s revenue was down 64.0% compared to the same quarter last year. On average, equities research analysts predict that SolarEdge Technologies will post -19.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were purchased at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds have recently bought and sold shares of the company. KBC Group NV lifted its stake in 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 purchasing an additional 1,378 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of SolarEdge Technologies by 655.2% in the fourth 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 period. US Bancorp DE raised its position in shares of SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after buying an additional 4,834 shares in the last quarter. GFG Capital LLC bought a new stake in SolarEdge Technologies during the third quarter valued at $229,000. Finally, Magnetar Financial LLC purchased a new position in SolarEdge Technologies during the second quarter worth about $286,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.