SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $29.00 by Analysts at JPMorgan Chase & Co.

SolarEdge Technologies (NASDAQ:SEDG) had its price target cut by equities researchers at JPMorgan Chase & Co. from $35.00 to $29.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 90.10% from the stock’s current price.

SEDG has been the subject of a number of other research reports. Citigroup decreased their price target on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday. Piper Sandler decreased their price objective on shares of SolarEdge Technologies from $25.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Roth Mkm dropped their target price on shares of SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday. Wells Fargo & Company reduced their price target on shares of 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. Finally, Jefferies Financial Group lowered SolarEdge Technologies from a “hold” rating to an “underperform” rating and lowered their price objective for the company from $27.00 to $17.00 in a report on Tuesday, September 17th. Seven equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, SolarEdge Technologies presently has an average rating of “Hold” and a consensus target price of $31.52.

SolarEdge Technologies Stock Performance

NASDAQ:SEDG opened at $15.26 on Wednesday. The firm has a 50-day moving average of $21.22 and a two-hundred day moving average of $34.44. 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 stock has a market cap of $874.10 million, a P/E ratio of -3.28 and a beta of 1.56. SolarEdge Technologies has a 1-year low of $14.82 and a 1-year high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last released 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 return on equity of 18.00% and a negative net margin of 33.86%. The business had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. During the same quarter last year, the firm posted $2.06 EPS. The company’s revenue was down 73.2% compared to the same quarter last year. On average, research analysts expect that SolarEdge Technologies will post -8.78 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Several hedge funds have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale bought a new position in SolarEdge Technologies in the 3rd quarter valued at about $1,495,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of SolarEdge Technologies by 9.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the semiconductor company’s stock worth $694,000 after acquiring an additional 2,500 shares during the period. E. Ohman J or Asset Management AB boosted its holdings in shares of SolarEdge Technologies by 109.3% in the third quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company’s stock valued at $8,559,000 after acquiring an additional 195,085 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of SolarEdge Technologies by 56.6% in the third quarter. Assenagon Asset Management S.A. now owns 309,623 shares of the semiconductor company’s stock valued at $7,093,000 after acquiring an additional 111,944 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in SolarEdge Technologies by 2,191.0% during the third quarter. International Assets Investment Management LLC now owns 25,407 shares of the semiconductor company’s stock worth $582,000 after purchasing an additional 24,298 shares in the last quarter. 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.