SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $29.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target cut by equities researchers at Wells Fargo & Company from $62.00 to $29.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 22.36% from the company’s previous close.

SEDG has been the topic of a number of other research reports. Janney Montgomery Scott downgraded SolarEdge Technologies from a “buy” rating to a “neutral” rating in a research report on Friday, March 22nd. Morgan Stanley cut their target price on SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 26th. Bank of America cut their target price on SolarEdge Technologies from $54.00 to $44.00 and set an “underperform” rating for the company in a research note on Friday, May 10th. Susquehanna cut SolarEdge Technologies from a “positive” rating to a “neutral” rating and cut their target price for the stock from $92.00 to $56.00 in a research note on Monday, May 13th. Finally, Northland Securities cut SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 9th. Four investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, SolarEdge Technologies has an average rating of “Hold” and an average target price of $75.08.

SolarEdge Technologies Stock Performance

SolarEdge Technologies stock traded down $0.27 during midday trading on Tuesday, hitting $23.70. 1,980,679 shares of the company were exchanged, compared to its average volume of 2,765,553. The firm has a market capitalization of $1.36 billion, a PE ratio of -5.10 and a beta of 1.52. The business has a fifty day simple moving average of $46.99 and a two-hundred day simple moving average of $64.58. SolarEdge Technologies has a fifty-two week low of $23.70 and a fifty-two week high of $288.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.19 and a current ratio of 4.54.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share for the quarter, missing the consensus estimate of ($2.07) by ($0.35). SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. The firm had revenue of $204.40 million during the quarter, compared to analysts’ expectations of $194.82 million. On average, sell-side analysts forecast that SolarEdge Technologies will post -6.52 earnings per share for the current year.

Institutional Trading of SolarEdge Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Swedbank AB acquired a new position in SolarEdge Technologies in the 1st quarter valued at about $261,312,000. Invenomic Capital Management LP acquired a new position in SolarEdge Technologies in the 4th quarter valued at about $42,644,000. Norges Bank acquired a new position in SolarEdge Technologies in the 4th quarter valued at about $39,547,000. Franklin Resources Inc. increased its position in SolarEdge Technologies by 112.0% in the 4th quarter. Franklin Resources Inc. now owns 555,796 shares of the semiconductor company’s stock valued at $52,023,000 after acquiring an additional 293,588 shares during the period. Finally, 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 valued at $27,044,000 after acquiring an additional 227,634 shares during the period. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.