SolarEdge Technologies (NASDAQ:SEDG) Rating Increased to Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of SolarEdge Technologies (NASDAQ:SEDG) from a sell rating to a buy rating in a research note released on Tuesday morning, MarketBeat.com reports. The Goldman Sachs Group currently has $19.00 price objective on the semiconductor company’s stock, up from their prior price objective of $10.00.

Other research analysts have also recently issued reports about the stock. StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a report on Friday, November 8th. Royal Bank of Canada cut 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. UBS Group lowered their price target on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Roth Mkm cut their price objective on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Susquehanna lowered their target price on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Eight analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and a consensus target price of $22.40.

SolarEdge Technologies Stock Up 16.6 %

Shares of NASDAQ:SEDG opened at $14.37 on Tuesday. The firm has a market cap of $832.74 million, a PE ratio of -0.49 and a beta of 1.56. The company has a fifty day simple moving average of $15.08 and a 200 day simple moving average of $23.15. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $103.15.

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 analysts’ consensus estimates of ($1.55) by ($13.78). The business had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.03) EPS. On average, equities research analysts anticipate that SolarEdge Technologies will post -19.18 EPS for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery purchased 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was purchased at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds have recently bought and sold shares of SEDG. AMG National Trust Bank purchased a new stake in SolarEdge Technologies during the third quarter valued at approximately $4,055,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of 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 worth $5,786,000 after purchasing an additional 220,304 shares in the last quarter. Mizuho Markets Americas LLC raised its holdings in SolarEdge Technologies by 653.4% in the 3rd 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 SolarEdge Technologies by 9.6% during the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after purchasing an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in SolarEdge Technologies during the third quarter valued at about $1,495,000. 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.