Wells Fargo & Company Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $15.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target decreased by Wells Fargo & Company from $19.00 to $15.00 in a research report report published on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the semiconductor company’s stock.

Other analysts have also issued reports about the company. BMO Capital Markets dropped their target price on SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a report on Thursday, November 7th. Susquehanna decreased their target price on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. UBS Group dropped their price target on shares of SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Canaccord Genuity Group upped their price objective on shares of SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, Truist Financial dropped their target price on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a research report on Friday, November 8th. Eight investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $21.16.

SolarEdge Technologies Trading Down 1.9 %

Shares of NASDAQ:SEDG opened at $14.71 on Wednesday. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a 52-week low of $10.24 and a 52-week high of $87.98. The stock has a market cap of $852.44 million, a price-to-earnings ratio of -0.51 and a beta of 1.56. The business has a 50-day moving average price of $14.05 and a 200-day moving average price of $19.88.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. During the same quarter in the previous year, the firm posted ($1.03) earnings per share. The business’s revenue was down 64.0% on a year-over-year basis. Equities analysts predict that SolarEdge Technologies will post -19.18 EPS for the current year.

Insider Activity

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the acquisition, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock valued at $72,000 after purchasing an additional 4,567 shares during the period. Tidal Investments LLC lifted its holdings in shares of SolarEdge Technologies by 19.7% in the 3rd quarter. Tidal Investments LLC now owns 63,862 shares of the semiconductor company’s stock valued at $1,463,000 after buying an additional 10,515 shares during the period. Geode Capital Management LLC grew its holdings in SolarEdge Technologies by 3.7% during the third quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after acquiring an additional 25,474 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in SolarEdge Technologies in the third quarter worth $278,000. Finally, Two Sigma Advisers LP lifted its holdings in SolarEdge Technologies by 0.3% in the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after acquiring an additional 3,400 shares during the period. 95.10% of the stock is owned by institutional investors and hedge funds.

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.