Scotiabank Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $46.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price trimmed by Scotiabank from $72.00 to $46.00 in a research report released on Tuesday, Marketbeat reports. The firm currently has a sector perform rating on the semiconductor company’s stock.

Several other research analysts have also recently issued reports on SEDG. Northland Securities cut SolarEdge Technologies from an outperform rating to a market perform rating in a research note on Thursday, May 9th. Citigroup decreased their price target on SolarEdge Technologies from $83.00 to $71.00 and set a neutral rating for the company in a research note on Thursday, May 9th. JPMorgan Chase & Co. decreased their price target on SolarEdge Technologies from $73.00 to $59.00 and set an overweight rating for the company in a research note on Thursday, June 20th. Bank of America cut their price objective on SolarEdge Technologies from $54.00 to $44.00 and set an underperform rating for the company in a report on Friday, May 10th. Finally, Wells Fargo & Company cut their price objective on SolarEdge Technologies from $81.00 to $62.00 and set an equal weight rating for the company in a report on Wednesday, May 15th. Four investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $76.35.

SolarEdge Technologies Price Performance

Shares of SEDG opened at $25.27 on Tuesday. The company has a market cap of $1.45 billion, a P/E ratio of -5.43 and a beta of 1.62. The stock has a fifty day moving average price of $48.21 and a 200 day moving average price of $65.67. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.54 and a quick ratio of 2.19. SolarEdge Technologies has a 12 month low of $24.44 and a 12 month high of $288.87.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.07) by ($0.35). SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. The business had revenue of $204.40 million during the quarter, compared to the consensus estimate of $194.82 million. On average, research analysts forecast that SolarEdge Technologies will post -6.3 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Brevan Howard Capital Management LP increased its position in SolarEdge Technologies by 110.3% in the 4th quarter. Brevan Howard Capital Management LP now owns 39,374 shares of the semiconductor company’s stock worth $3,685,000 after purchasing an additional 20,654 shares during the last quarter. International Assets Investment Management LLC increased its position in SolarEdge Technologies by 20,293.3% in the 4th quarter. International Assets Investment Management LLC now owns 103,802 shares of the semiconductor company’s stock worth $9,716,000 after purchasing an additional 103,293 shares during the last quarter. Royal London Asset Management Ltd. increased its position in SolarEdge Technologies by 5.4% in the 3rd quarter. Royal London Asset Management Ltd. now owns 21,492 shares of the semiconductor company’s stock worth $2,782,000 after purchasing an additional 1,101 shares during the last quarter. Principal Financial Group Inc. increased its position in SolarEdge Technologies by 371.3% in the 4th quarter. Principal Financial Group Inc. now owns 288,935 shares of the semiconductor company’s stock worth $27,044,000 after purchasing an additional 227,634 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in SolarEdge Technologies by 129.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,814 shares of the semiconductor company’s stock worth $19,264,000 after purchasing an additional 116,176 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.