SolarEdge Technologies (NASDAQ:SEDG) Upgraded by The Goldman Sachs Group to Buy Rating

SolarEdge Technologies (NASDAQ:SEDG) was upgraded by investment analysts at The Goldman Sachs Group from a “sell” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $19.00 target price on the semiconductor company’s stock, up from their previous target price of $10.00. The Goldman Sachs Group’s price target indicates a potential upside of 54.22% from the company’s previous close.

Several other research firms have also issued reports on SEDG. TD Cowen dropped their price target on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, November 7th. Jefferies Financial Group cut shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and lowered their target price for the company from $27.00 to $17.00 in a report on Tuesday, September 17th. JPMorgan Chase & Co. reduced their price target on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Glj Research reissued a “sell” rating and set a $3.90 price objective on shares of SolarEdge Technologies in a report on Friday, November 29th. Finally, Bank of America lowered SolarEdge Technologies from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $21.00 to $14.00 in a report on Thursday, November 7th. Eight research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.40.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $12.32 on Tuesday. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The firm has a fifty day simple moving average of $15.08 and a two-hundred day simple moving average of $23.15. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $103.15. The firm has a market capitalization of $713.94 million, a PE ratio of -0.42 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last issued 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). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. During the same period in the prior year, the firm posted ($1.03) earnings per share. The business’s revenue for the quarter was down 64.0% on a year-over-year basis. Analysts forecast that SolarEdge Technologies will post -19.18 EPS for the current fiscal year.

Insider Buying and Selling at SolarEdge Technologies

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, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now directly 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 legal filing with the Securities & Exchange Commission, which is available through this link. 0.67% of the stock is owned by corporate insiders.

Institutional Trading of SolarEdge Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Yelin Lapidot Holdings Management Ltd. boosted its holdings in SolarEdge Technologies by 5.1% during the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after acquiring an additional 564 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of SolarEdge Technologies by 2.5% in the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock valued at $727,000 after purchasing an additional 700 shares during the period. Bank Hapoalim BM grew its holdings in shares of SolarEdge Technologies by 2.5% in the third quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after purchasing an additional 812 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in SolarEdge Technologies during the 2nd quarter worth approximately $28,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in SolarEdge Technologies by 5.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock worth $534,000 after buying an additional 1,175 shares in the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

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.