SolarEdge Technologies (NASDAQ:SEDG) Price Target Raised to $10.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price upped by Barclays from $7.00 to $10.00 in a research note released on Tuesday morning,Benzinga reports. Barclays currently has an underweight rating on the semiconductor company’s stock.

Several other research analysts also recently commented on the stock. Truist Financial cut their price objective on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a report on Friday, November 8th. Susquehanna reduced their price target on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. TD Cowen reduced their target price on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, November 7th. Piper Sandler downgraded shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $17.00 to $9.00 in a report on Thursday, November 7th. Finally, Canaccord Genuity Group boosted their price objective on shares of SolarEdge Technologies from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Tuesday, January 7th. Eight research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, SolarEdge Technologies presently has a consensus rating of “Hold” and an average target price of $21.24.

SolarEdge Technologies Trading Down 2.0 %

NASDAQ SEDG opened at $14.21 on Tuesday. The business has a 50 day simple moving average of $13.82 and a 200 day simple moving average of $19.48. SolarEdge Technologies has a one year low of $10.24 and a one year high of $87.98. The stock has a market capitalization of $823.47 million, a P/E ratio of -0.49 and a beta of 1.56. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The company had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. SolarEdge Technologies’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same period last year, the firm posted ($1.03) earnings per share. Research analysts expect that SolarEdge Technologies will post -23.2 earnings per share for the current year.

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares in the company, valued at $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 SEC, which is available at this link. Company insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Several large investors have recently modified their holdings of SEDG. Quarry LP purchased a new position in SolarEdge Technologies during the 2nd quarter valued at $36,627,000. Assenagon Asset Management S.A. increased its position in shares of SolarEdge Technologies by 182.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock valued at $11,888,000 after acquiring an additional 564,490 shares in the last quarter. Marshall Wace LLP boosted its position in shares of SolarEdge Technologies by 425.1% during the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after buying an additional 450,081 shares during the last quarter. Soros Fund Management LLC purchased a new position in shares of SolarEdge Technologies during the third quarter valued at approximately $5,293,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in SolarEdge Technologies by 683.1% in the third 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 during the last quarter. 95.10% of the stock is owned by institutional investors.

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.