SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $21.00

SolarEdge Technologies (NASDAQ:SEDGGet Free Report) had its price target cut by analysts at BMO Capital Markets from $24.00 to $21.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “market perform” rating on the semiconductor company’s stock. BMO Capital Markets’ target price suggests a potential upside of 12.12% from the stock’s previous close.

Several other brokerages also recently weighed in on SEDG. The Goldman Sachs Group cut their price target on SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a report on Friday, August 9th. Morgan Stanley cut their target price on shares of SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 8th. Glj Research downgraded shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday, October 8th. Canaccord Genuity Group dropped their price objective on shares of SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating on the stock in a research report on Tuesday, June 25th. Finally, William Blair initiated coverage on shares of SolarEdge Technologies in a research note on Thursday, August 29th. They set a “market perform” rating for the company. Six equities research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $41.40.

View Our Latest Analysis on SEDG

SolarEdge Technologies Stock Down 3.8 %

Shares of NASDAQ SEDG traded down $0.73 during midday trading on Monday, hitting $18.73. The company’s stock had a trading volume of 1,401,331 shares, compared to its average volume of 3,254,226. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of -2.09 and a beta of 1.56. The business’s fifty day simple moving average is $22.24 and its two-hundred day simple moving average is $37.24. SolarEdge Technologies has a 1 year low of $17.12 and a 1 year high of $130.38.

SolarEdge Technologies (NASDAQ:SEDGGet Free Report) last issued its quarterly 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 during the quarter, compared to analysts’ expectations of $264.31 million. During the same period in the prior year, the business earned $2.06 EPS. The business’s quarterly revenue was down 73.2% on a year-over-year basis. On average, equities analysts predict that SolarEdge Technologies will post -8.53 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Swedbank AB acquired a new stake in shares of SolarEdge Technologies in the 1st quarter worth $261,312,000. Vanguard Group Inc. raised its holdings in SolarEdge Technologies by 2.8% during the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after purchasing an additional 62,942 shares in the last quarter. Quarry LP acquired a new stake in SolarEdge Technologies in the second quarter valued at about $36,627,000. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in SolarEdge Technologies by 0.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock valued at $25,531,000 after purchasing an additional 2,795 shares in the last quarter. Finally, Marshall Wace LLP increased its position in SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after purchasing an additional 450,081 shares during the period. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

SolarEdge Technologies Company Profile

(Get Free Report)

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.

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Analyst Recommendations for SolarEdge Technologies (NASDAQ:SEDG)

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