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

SolarEdge Technologies (NASDAQ:SEDG) had its price target increased by research analysts at Wells Fargo & Company from $15.00 to $19.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 4.63% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. TD Cowen dropped their target price on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, November 7th. Morgan Stanley restated an “underweight” rating and issued a $9.00 price objective (down from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. Truist Financial decreased their target price on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a research report on Friday, November 8th. BMO Capital Markets cut their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a report on Thursday, November 7th. Finally, UBS Group decreased their price objective on shares of SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Seven equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, SolarEdge Technologies presently has an average rating of “Hold” and an average target price of $22.08.

SolarEdge Technologies Stock Performance

Shares of SEDG traded up $1.87 during mid-day trading on Tuesday, reaching $18.16. The company had a trading volume of 2,337,168 shares, compared to its average volume of 4,583,540. The stock has a market capitalization of $1.05 billion, a P/E ratio of -0.63 and a beta of 1.56. SolarEdge Technologies has a 52-week low of $10.24 and a 52-week high of $87.98. The stock has a 50 day moving average of $14.12 and a two-hundred day moving average of $20.06. 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 released its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $272.80 million. During the same quarter in the prior year, the company posted ($1.03) EPS. The company’s revenue for the quarter was down 64.0% on a year-over-year basis. On average, analysts expect that SolarEdge Technologies will post -19.18 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman More Avery acquired 156,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the transaction, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. AMG National Trust Bank acquired a new stake in shares of SolarEdge Technologies in the third quarter valued at $4,055,000. Connor Clark & Lunn Investment Management Ltd. grew its position in SolarEdge Technologies by 683.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after acquiring an additional 220,304 shares in the last quarter. Mizuho Markets Americas LLC increased its stake in SolarEdge Technologies by 653.4% during the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock worth $4,315,000 after purchasing an additional 163,340 shares during the period. Meitav Investment House Ltd. lifted its position in shares of SolarEdge Technologies by 9.6% during the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after purchasing an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of SolarEdge Technologies in the third quarter valued at approximately $1,495,000. 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.