SolarEdge Technologies (NASDAQ:SEDG) PT Lowered to $38.00 at Canaccord Genuity Group

SolarEdge Technologies (NASDAQ:SEDG) had its target price reduced by Canaccord Genuity Group from $58.00 to $38.00 in a report issued on Tuesday morning, Marketbeat Ratings reports. They currently have a hold rating on the semiconductor company’s stock.

A number of other brokerages also recently commented on SEDG. Bank of America reduced their price objective on shares of SolarEdge Technologies from $54.00 to $44.00 and set an underperform rating for the company in a research note on Friday, May 10th. Royal Bank of Canada reaffirmed a sector perform rating and set a $71.00 price objective on shares of SolarEdge Technologies in a research report on Friday, June 7th. DZ Bank initiated coverage on shares of SolarEdge Technologies in a report on Wednesday, April 17th. They issued a hold rating and a $62.00 target price for the company. TD Cowen lowered their price target on shares of SolarEdge Technologies from $85.00 to $80.00 and set a buy rating on the stock in a report on Thursday, May 9th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of SolarEdge Technologies from $73.00 to $59.00 and set an overweight rating for the company in a research note on Thursday, June 20th. Four equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $76.35.

SolarEdge Technologies Price Performance

Shares of SEDG stock opened at $25.27 on Tuesday. SolarEdge Technologies has a twelve month low of $24.44 and a twelve month high of $288.87. The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30. The stock has a fifty day simple moving average of $48.21 and a two-hundred day simple moving average of $65.67. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -5.43 and a beta of 1.62.

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

Hedge Funds Weigh In On SolarEdge Technologies

Large investors have recently made changes to their positions in the company. Swedbank AB acquired a new stake in SolarEdge Technologies during the first quarter valued at $261,312,000. Vanguard Group Inc. increased its stake in shares of SolarEdge Technologies by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,529,274 shares of the semiconductor company’s stock valued at $327,566,000 after purchasing an additional 92,230 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of SolarEdge Technologies by 2.3% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,007,934 shares of the semiconductor company’s stock valued at $71,543,000 after purchasing an additional 23,033 shares in the last quarter. Impax Asset Management Group plc raised its holdings in SolarEdge Technologies by 1.6% in the 4th quarter. Impax Asset Management Group plc now owns 954,264 shares of the semiconductor company’s stock worth $88,890,000 after purchasing an additional 14,878 shares during the period. Finally, Franklin Resources Inc. boosted its position in SolarEdge Technologies by 112.0% during the fourth quarter. Franklin Resources Inc. now owns 555,796 shares of the semiconductor company’s stock worth $52,023,000 after purchasing an additional 293,588 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.