JPMorgan Chase & Co. Lowers SolarEdge Technologies (NASDAQ:SEDG) Price Target to $29.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target reduced by analysts at JPMorgan Chase & Co. from $35.00 to $29.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 64.96% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Guggenheim cut shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 target price for the company. in a report on Thursday, October 17th. TD Cowen restated a “hold” rating and set a $16.00 target price (down previously from $35.00) on shares of SolarEdge Technologies in a research note on Monday. Bank of America lowered their price target on shares of SolarEdge Technologies from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. Royal Bank of Canada lowered their price target on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 15th. Finally, Truist Financial reaffirmed a “hold” rating and set a $20.00 price target on shares of SolarEdge Technologies in a research report on Tuesday, August 27th. Seven research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, SolarEdge Technologies has an average rating of “Hold” and a consensus target price of $31.52.

SolarEdge Technologies Stock Up 3.4 %

Shares of SEDG stock opened at $17.58 on Wednesday. The firm has a fifty day moving average of $21.55 and a 200-day moving average of $34.71. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. SolarEdge Technologies has a 12-month low of $16.45 and a 12-month high of $103.15. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -1.96 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company had revenue of $265.41 million for the quarter, compared to the consensus estimate of $264.31 million. During the same period in the prior year, the company earned $2.06 EPS. The firm’s revenue was down 73.2% on a year-over-year basis. As a group, equities research analysts predict that SolarEdge Technologies will post -8.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Several hedge funds have recently added to or reduced their stakes in SEDG. International Assets Investment Management LLC acquired a new stake in SolarEdge Technologies during the 2nd quarter worth approximately $28,000. GAMMA Investing LLC boosted its position in SolarEdge Technologies by 90.0% during the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after buying an additional 289 shares during the period. EntryPoint Capital LLC acquired a new stake in SolarEdge Technologies during the 1st quarter worth approximately $64,000. Hexagon Capital Partners LLC boosted its position in SolarEdge Technologies by 120.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after buying an additional 610 shares during the period. Finally, First Pacific Financial boosted its position in SolarEdge Technologies by 53.0% during the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after buying an additional 1,805 shares during the period. 95.10% of the stock is currently 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.