Truist Financial Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $14.00

SolarEdge Technologies (NASDAQ:SEDG) had its price objective dropped by Truist Financial from $15.00 to $14.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. Truist Financial’s price objective indicates a potential upside of 0.65% from the company’s current price.

Several other research analysts have also issued reports on SEDG. Piper Sandler lowered shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $17.00 to $9.00 in a research report on Thursday, November 7th. The Goldman Sachs Group increased their price objective on SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, January 7th. UBS Group dropped their target price on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Canaccord Genuity Group increased their price target on shares of SolarEdge Technologies from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Tuesday, January 7th. Finally, Glj Research raised shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. Eight equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $21.24.

SolarEdge Technologies Price Performance

Shares of NASDAQ SEDG opened at $13.91 on Thursday. The stock’s 50-day simple moving average is $13.81 and its two-hundred day simple moving average is $19.38. SolarEdge Technologies has a twelve month low of $10.24 and a twelve month high of $87.98. The firm has a market capitalization of $806.08 million, a P/E ratio of -0.48 and a beta of 1.56. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same quarter last year, the company posted ($1.03) earnings per share. The firm’s revenue for the quarter was down 64.0% on a year-over-year basis. As a group, equities analysts anticipate that SolarEdge Technologies will post -23.2 EPS for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The shares were purchased at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the transaction, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

Hedge funds have recently bought and sold shares of the business. Quarry LP bought a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $36,627,000. Two Sigma Advisers LP increased its position in SolarEdge Technologies by 0.3% during the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after buying an additional 3,400 shares in the last quarter. M&G PLC raised its stake in SolarEdge Technologies by 4.2% during the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock valued at $21,452,000 after buying an additional 38,001 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in SolarEdge Technologies by 182.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock worth $11,888,000 after acquiring an additional 564,490 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of SolarEdge Technologies by 3.7% in the third quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after acquiring an additional 25,474 shares during the last quarter. Institutional investors 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.