The Goldman Sachs Group Has Lowered Expectations for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its price objective cut by The Goldman Sachs Group from $29.00 to $25.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “sell” rating on the semiconductor company’s stock. The Goldman Sachs Group‘s price objective suggests a potential downside of 9.12% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. Morgan Stanley reduced their target price on shares of SolarEdge Technologies from $35.00 to $33.00 and set an “equal weight” rating for the company in a report on Friday, September 11th. Royal Bank Of Canada raised their price target on SolarEdge Technologies from $24.00 to $30.00 and gave the stock a “sector perform” rating in a report on Friday, September 11th. TD Cowen dropped their price target on SolarEdge Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. UBS Group raised SolarEdge Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the company from $36.00 to $42.00 in a research note on Wednesday, August 26th. Finally, BMO Capital Markets reduced their price objective on SolarEdge Technologies from $31.00 to $28.00 and set an “underperform” rating for the company in a research note on Wednesday, October 21st. Two research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $36.93.

SolarEdge Technologies Stock Performance

Shares of SEDG traded up $1.31 during mid-day trading on Thursday, reaching $27.51. 2,787,033 shares of the company’s stock were exchanged, compared to its average volume of 2,438,225. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.03 and a quick ratio of 1.38. The stock has a market capitalization of $1.69 billion, a PE ratio of -7.24 and a beta of 1.31. The business’s fifty day simple moving average is $32.65 and its 200-day simple moving average is $42.12. SolarEdge Technologies has a 52-week low of $25.25 and a 52-week high of $81.25.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 4th. The semiconductor company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.25. SolarEdge Technologies had a negative net margin of 20.29% and a negative return on equity of 29.17%. The business had revenue of $325.40 million for the quarter, compared to analysts’ expectations of $326.78 million. During the same period in the previous year, the company posted ($0.31) EPS. The company’s quarterly revenue was down 4.2% on a year-over-year basis. On average, equities research analysts expect that SolarEdge Technologies will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds have recently added to or reduced their stakes in SEDG. Clal Insurance Enterprises Holdings Ltd acquired a new position in SolarEdge Technologies during the 2nd quarter worth approximately $55,514,000. Bank of America Corp DE lifted its holdings in shares of SolarEdge Technologies by 218.6% in the 1st quarter. Bank of America Corp DE now owns 404,297 shares of the semiconductor company’s stock valued at $20,639,000 after buying an additional 277,385 shares during the period. Legal & General Group Plc acquired a new stake in shares of SolarEdge Technologies in the 2nd quarter valued at approximately $76,095,000. Handelsbanken Fonder AB lifted its holdings in shares of SolarEdge Technologies by 16.6% in the 2nd quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company’s stock valued at $71,905,000 after buying an additional 175,281 shares during the period. Finally, Man Group plc purchased a new stake in shares of SolarEdge Technologies in the second quarter valued at approximately $6,540,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

More SolarEdge Technologies News

Here are the key news stories impacting SolarEdge Technologies this week:

• Positive Sentiment: SolarEdge’s quarterly earnings per share beat consensus expectations, helping drive unusually high trading volume. Revenue came in slightly below estimates, tempering the positive result. SolarEdge sees unusually high trading volume on better-than-expected earnings
• Neutral Sentiment: Susquehanna lowered its target from $32 to $31 but maintained a neutral rating; JPMorgan also kept a neutral rating while cutting its target from $38 to $31. Both targets remain above the reference share price. Susquehanna sets new price target
• Negative Sentiment: Royal Bank of Canada cut its target from $30 to $25 and rated the shares sector perform. Citigroup lowered its target from $30 to $24 with a sell rating, while Goldman Sachs cut its target from $29 to $25 and also rated the stock sell. These calls point to limited upside or potential downside. Royal Bank of Canada recommendations
• Negative Sentiment: Weak demand is seen as clouding SolarEdge’s recovery, adding to concerns that a rebound may take longer than hoped. SolarEdge: Weak Demand Clouds The Recovery

About SolarEdge Technologies

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.