SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $28.00 by Analysts at Truist Financial

SolarEdge Technologies (NASDAQ:SEDG) had its price target lowered by equities researchers at Truist Financial from $60.00 to $28.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the semiconductor company’s stock. Truist Financial’s price target suggests a potential upside of 18.69% from the company’s current price.

Several other analysts also recently commented on the stock. Roth Mkm lowered their target price on shares of SolarEdge Technologies from $55.00 to $27.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Canaccord Genuity Group dropped their target price 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. Northland Securities downgraded SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 9th. Morgan Stanley decreased their price target on SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 26th. Finally, Wells Fargo & Company cut their price objective on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 2nd. Four analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, SolarEdge Technologies has a consensus rating of “Hold” and an average price target of $57.92.

SolarEdge Technologies Stock Performance

Shares of SolarEdge Technologies stock opened at $23.59 on Tuesday. The company has a market cap of $1.35 billion, a PE ratio of -5.07 and a beta of 1.52. The company has a quick ratio of 2.19, a current ratio of 4.54 and a debt-to-equity ratio of 0.30. SolarEdge Technologies has a 52 week low of $23.21 and a 52 week high of $186.79. The business has a 50 day moving average price of $32.37 and a 200-day moving average price of $53.54.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) EPS for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). The company had revenue of $204.40 million during the quarter, compared to analysts’ expectations of $194.82 million. SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. Equities analysts anticipate that SolarEdge Technologies will post -6.76 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC bought a new stake in shares of SolarEdge Technologies during the second quarter valued at about $294,000. Tortoise Capital Advisors L.L.C. increased its holdings in SolarEdge Technologies by 31.5% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 99,522 shares of the semiconductor company’s stock worth $2,514,000 after acquiring an additional 23,844 shares during the period. Rhumbline Advisers lifted its stake in SolarEdge Technologies by 3.6% in the 2nd quarter. Rhumbline Advisers now owns 104,092 shares of the semiconductor company’s stock worth $2,629,000 after purchasing an additional 3,572 shares in the last quarter. Mizuho Markets Americas LLC bought a new position in SolarEdge Technologies in the 2nd quarter valued at $632,000. Finally, International Assets Investment Management LLC purchased a new position in shares of SolarEdge Technologies during the 2nd quarter valued at $28,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.