The Goldman Sachs Group Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $10.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price reduced by The Goldman Sachs Group from $19.00 to $10.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a sell rating on the semiconductor company’s stock.

A number of other brokerages also recently weighed in on SEDG. Mizuho downgraded SolarEdge Technologies from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $35.00 to $11.00 in a report on Thursday. Truist Financial reiterated a “hold” rating and issued a $20.00 target price on shares of SolarEdge Technologies in a research note on Tuesday, August 27th. BMO Capital Markets dropped their price target on SolarEdge Technologies from $24.00 to $21.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $17.00 to $9.00 in a report on Thursday. Finally, Morgan Stanley dropped their price objective on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 8th. Nine investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two 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 $23.79.

SolarEdge Technologies Trading Down 4.1 %

SEDG opened at $12.98 on Thursday. The firm’s fifty day simple moving average is $19.12 and its 200 day simple moving average is $30.52. The company has a current ratio of 2.34, a quick ratio of 2.45 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a 12 month low of $12.38 and a 12 month high of $103.15. The stock has a market capitalization of $743.75 million, a P/E ratio of -0.47 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The business had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm’s revenue was down 64.0% on a year-over-year basis. During the same quarter last year, the company posted ($1.03) EPS. As a group, research analysts anticipate that SolarEdge Technologies will post -8.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SEDG. Swedbank AB acquired a new stake in SolarEdge Technologies during the first quarter valued at $261,312,000. Vanguard Group Inc. lifted its stake in SolarEdge Technologies by 2.8% during the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after purchasing an additional 62,942 shares during the period. Quarry LP bought a new stake in shares of SolarEdge Technologies in the 2nd quarter worth about $36,627,000. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of SolarEdge Technologies by 0.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock valued at $25,531,000 after buying an additional 2,795 shares during the last quarter. Finally, M&G PLC boosted its stake in SolarEdge Technologies by 4.2% in the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock valued at $21,452,000 after acquiring an additional 38,001 shares during the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

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.