SolarEdge Technologies (NASDAQ:SEDG) Price Target Raised to $29.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price lifted by Mizuho from $18.00 to $29.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s price target suggests a potential upside of 5.96% from the company’s current price.

SEDG has been the subject of several other reports. Northland Capmk upgraded SolarEdge Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, May 23rd. Jefferies Financial Group cut their price objective on SolarEdge Technologies from $12.00 to $9.00 and set an “underperform” rating for the company in a report on Tuesday, April 15th. Morgan Stanley reiterated an “underweight” rating and set a $10.00 price objective on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. KeyCorp upgraded SolarEdge Technologies from an “underweight” rating to a “sector weight” rating in a report on Tuesday, July 8th. Finally, Barclays raised shares of SolarEdge Technologies from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $12.00 to $29.00 in a research report on Monday. Ten analysts have rated the stock with a sell rating and eighteen have given a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $17.64.

SolarEdge Technologies Stock Up 2.4%

Shares of NASDAQ:SEDG opened at $27.37 on Monday. The stock’s 50-day moving average price is $20.29 and its two-hundred day moving average price is $16.70. The company has a current ratio of 2.04, a quick ratio of 1.39 and a debt-to-equity ratio of 0.62. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $31.07. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -0.91 and a beta of 1.62.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.26) by $0.12. The firm had revenue of $219.48 million for the quarter, compared to analysts’ expectations of $205.39 million. SolarEdge Technologies had a negative return on equity of 127.53% and a negative net margin of 182.81%. SolarEdge Technologies’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.90) earnings per share. On average, research analysts forecast that SolarEdge Technologies will post -4.54 EPS for the current year.

Institutional Trading of SolarEdge Technologies

A number of large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in shares of SolarEdge Technologies in the fourth quarter valued at approximately $17,909,000. Ion Asset Management Ltd. lifted its holdings in shares of SolarEdge Technologies by 135.9% during the first quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company’s stock worth $33,695,000 after purchasing an additional 1,199,801 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of SolarEdge Technologies by 10,038.2% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,109,225 shares of the semiconductor company’s stock worth $17,945,000 after purchasing an additional 1,098,284 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of SolarEdge Technologies by 14.9% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock worth $67,370,000 after purchasing an additional 641,915 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of SolarEdge Technologies by 67.6% during the fourth quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company’s stock worth $17,262,000 after purchasing an additional 512,035 shares during the period. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

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.