SolarEdge Technologies (NASDAQ:SEDG) PT Lowered to $19.00

SolarEdge Technologies (NASDAQ:SEDG) had its price objective reduced by Citigroup from $31.00 to $19.00 in a research report report published on Tuesday morning, Benzinga reports. Citigroup currently has a neutral rating on the semiconductor company’s stock.

A number of other equities research analysts have also weighed in on SEDG. Royal Bank of Canada decreased their target price on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 15th. Mizuho cut their price target on SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, September 19th. Bank of America lowered their price objective on shares of SolarEdge Technologies from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Wells Fargo & Company cut their target price 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, TD Cowen restated a “hold” rating and issued a $16.00 price target (down previously from $35.00) on shares of SolarEdge Technologies in a report on Monday. Seven research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $31.52.

SolarEdge Technologies Trading Up 2.1 %

NASDAQ SEDG opened at $15.26 on Tuesday. The stock has a market cap of $874.10 million, a PE ratio of -3.28 and a beta of 1.56. SolarEdge Technologies has a 12 month low of $14.82 and a 12 month high of $103.15. The company’s 50-day moving average price is $21.22 and its 200-day moving average price is $34.44. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same quarter in the prior year, the company earned $2.06 earnings per share. SolarEdge Technologies’s revenue was down 73.2% on a year-over-year basis. Equities research analysts forecast that SolarEdge Technologies will post -8.78 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Swedbank AB acquired a new position in shares of SolarEdge Technologies in the 1st quarter valued at $261,312,000. Quarry LP acquired a new position in SolarEdge Technologies in the 2nd quarter worth approximately $36,627,000. Marshall Wace LLP increased its holdings in SolarEdge Technologies by 425.1% in the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after buying an additional 450,081 shares during the period. Quadrature Capital Ltd raised its position in SolarEdge Technologies by 1,206.8% during the 1st quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock worth $17,080,000 after buying an additional 222,218 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in SolarEdge Technologies by 1,634.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock valued at $4,911,000 after acquiring an additional 202,010 shares during the period. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.