Citigroup Lowers SolarEdge Technologies (NASDAQ:SEDG) Price Target to $19.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target cut by equities research analysts at Citigroup from $31.00 to $19.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the semiconductor company’s stock. Citigroup’s target price points to a potential upside of 27.13% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Canaccord Genuity Group reduced their price target on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Mizuho decreased their price target on shares of SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Thursday, September 19th. Roth Mkm cut their price objective on SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday. Scotiabank decreased their target price on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Finally, Piper Sandler dropped their target price on SolarEdge Technologies from $25.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, October 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $31.52.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $14.95 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. The firm has a market capitalization of $856.35 million, a price-to-earnings ratio of -1.66 and a beta of 1.56. SolarEdge Technologies has a one year low of $14.89 and a one year high of $103.15. The company has a 50 day moving average price of $21.55 and a 200 day moving average price of $34.71.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share 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 firm had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. During the same period last year, the business posted $2.06 earnings per share. The company’s quarterly revenue was down 73.2% compared to the same quarter last year. Sell-side analysts anticipate that SolarEdge Technologies will post -8.75 EPS for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

Large investors have recently made changes to their positions in the company. International Assets Investment Management LLC bought a new position in SolarEdge Technologies in the 2nd quarter worth approximately $28,000. GAMMA Investing LLC increased its holdings in shares of SolarEdge Technologies by 90.0% during the first quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 289 shares during the period. EntryPoint Capital LLC bought a new stake in shares of SolarEdge Technologies during the first quarter valued at about $64,000. Hexagon Capital Partners LLC lifted its holdings in SolarEdge Technologies by 120.8% in the first quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after purchasing an additional 610 shares during the period. Finally, First Pacific Financial grew its position in SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after buying an additional 1,805 shares in the last quarter. Institutional investors and hedge funds 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.