BMO Capital Markets Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $12.00

SolarEdge Technologies (NASDAQ:SEDG) had its price objective trimmed by BMO Capital Markets from $21.00 to $12.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a market perform rating on the semiconductor company’s stock.

SEDG has been the subject of a number of other reports. Mizuho cut SolarEdge Technologies from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $35.00 to $11.00 in a research note on Thursday. Morgan Stanley dropped their target price on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 8th. TD Cowen cut their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday. Roth Mkm lowered their price objective on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Glj Research downgraded shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, October 8th. Nine equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, SolarEdge Technologies currently has an average rating of “Hold” and an average price target of $23.79.

SolarEdge Technologies Stock Performance

SolarEdge Technologies stock opened at $13.53 on Thursday. The stock has a market cap of $775.26 million, a PE ratio of -0.47 and a beta of 1.59. 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 $12.38 and a 12-month high of $103.15. The business’s 50-day moving average price is $19.12 and its two-hundred day moving average price is $30.71.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 56.32%. The company had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same period in the previous year, the company earned $2.06 EPS. SolarEdge Technologies’s revenue for the quarter was down 73.2% on a year-over-year basis. As a group, analysts expect that SolarEdge Technologies will post -8.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in SEDG. GSA Capital Partners LLP lifted its stake in shares of SolarEdge Technologies by 113.3% in the first quarter. GSA Capital Partners LLP now owns 12,379 shares of the semiconductor company’s stock worth $879,000 after buying an additional 6,576 shares in the last quarter. Texas Permanent School Fund Corp increased its holdings in shares of SolarEdge Technologies by 1.2% in the 1st quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock worth $3,525,000 after purchasing an additional 585 shares in the last quarter. Swiss National Bank raised its stake in shares of SolarEdge Technologies by 0.5% in the first quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after purchasing an additional 600 shares during the last quarter. ProShare Advisors LLC lifted its stake in SolarEdge Technologies by 24.9% during the 1st quarter. ProShare Advisors LLC now owns 10,030 shares of the semiconductor company’s stock valued at $712,000 after acquiring an additional 1,997 shares during the period. Finally, State Board of Administration of Florida Retirement System purchased a new stake in shares of SolarEdge Technologies during the 1st quarter valued at about $236,000. Institutional investors own 95.10% of the company’s stock.

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.