SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $71.00 by Analysts at Citigroup

SolarEdge Technologies (NASDAQ:SEDG) had its price target reduced by research analysts at Citigroup from $83.00 to $71.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. Citigroup’s target price points to a potential upside of 34.80% from the company’s current price.

Several other brokerages have also recently weighed in on SEDG. Scotiabank reduced their price target on SolarEdge Technologies from $93.00 to $90.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 21st. B. Riley lowered their price objective on SolarEdge Technologies from $133.00 to $124.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Royal Bank of Canada lowered their target price on SolarEdge Technologies from $74.00 to $71.00 and set a “sector perform” rating on the stock in a report on Thursday. Mizuho reduced their price objective on SolarEdge Technologies from $106.00 to $104.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Finally, Truist Financial dropped their target price on SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating for the company in a report on Thursday, February 22nd. Four equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, SolarEdge Technologies has an average rating of “Hold” and an average target price of $93.73.

SolarEdge Technologies Stock Performance

Shares of SolarEdge Technologies stock traded down $4.88 during midday trading on Thursday, hitting $52.67. The company had a trading volume of 6,388,817 shares, compared to its average volume of 2,386,478. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of 118.33 and a beta of 1.53. SolarEdge Technologies has a 12-month low of $51.65 and a 12-month high of $315.34. The company has a quick ratio of 2.08, a current ratio of 3.70 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $64.59 and a 200 day simple moving average of $74.00.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.01) by $0.60. The firm had revenue of $316.04 million for the quarter, compared to analyst estimates of $319.97 million. SolarEdge Technologies had a net margin of 1.15% and a return on equity of 5.00%. As a group, analysts predict that SolarEdge Technologies will post -4.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SolarEdge Technologies news, Director More Avery bought 7,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average price of $67.75 per share, with a total value of $474,250.00. Following the completion of the acquisition, the director now directly owns 77,446 shares of the company’s stock, valued at approximately $5,246,966.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.17% of the stock is owned by insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several large investors have recently modified their holdings of SEDG. Commonwealth Equity Services LLC grew its holdings in shares of SolarEdge Technologies by 15.5% during the third quarter. Commonwealth Equity Services LLC now owns 5,884 shares of the semiconductor company’s stock worth $762,000 after buying an additional 791 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in SolarEdge Technologies by 53.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 2,142 shares of the semiconductor company’s stock valued at $277,000 after buying an additional 747 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of SolarEdge Technologies by 23.8% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 8,639 shares of the semiconductor company’s stock valued at $1,119,000 after acquiring an additional 1,663 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of SolarEdge Technologies by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 402,541 shares of the semiconductor company’s stock worth $52,133,000 after acquiring an additional 12,649 shares during the period. Finally, IFM Investors Pty Ltd raised its holdings in SolarEdge Technologies by 30.0% during the third quarter. IFM Investors Pty Ltd now owns 14,936 shares of the semiconductor company’s stock worth $1,934,000 after purchasing an additional 3,444 shares during 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.