Truist Financial Reaffirms “Hold” Rating for SolarEdge Technologies (NASDAQ:SEDG)

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “hold” rating reissued by equities research analysts at Truist Financial in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $20.00 price objective on the semiconductor company’s stock. Truist Financial’s price target indicates a potential downside of 22.15% from the stock’s current price.

Several other research firms have also issued reports on SEDG. Wells Fargo & Company reduced their target price on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 2nd. Citigroup decreased their target price on SolarEdge Technologies from $83.00 to $71.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Piper Sandler cut their price target on shares of SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Roth Mkm reduced their price target on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group lowered their price objective on shares of SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a research report on Friday, August 9th. Four research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $52.60.

SolarEdge Technologies Stock Performance

Shares of SolarEdge Technologies stock opened at $25.69 on Tuesday. The company has a market capitalization of $1.47 billion, a P/E ratio of -5.52 and a beta of 1.52. The stock has a fifty day simple moving average of $26.41 and a 200 day simple moving average of $48.73. SolarEdge Technologies has a 12-month low of $19.81 and a 12-month high of $167.87. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results 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 33.86% and a negative return on equity of 18.00%. The firm had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. During the same quarter in the prior year, the company earned $2.06 EPS. The business’s revenue for the quarter was down 73.2% on a year-over-year basis. On average, sell-side analysts anticipate that SolarEdge Technologies will post -8.5 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of SEDG. Yelin Lapidot Holdings Management Ltd. boosted its holdings in SolarEdge Technologies by 0.6% in the 4th quarter. Yelin Lapidot Holdings Management Ltd. now owns 21,513 shares of the semiconductor company’s stock valued at $2,014,000 after purchasing an additional 130 shares during the period. Strategic Advocates LLC grew its position in SolarEdge Technologies by 10.1% during the fourth quarter. Strategic Advocates LLC now owns 2,329 shares of the semiconductor company’s stock worth $218,000 after buying an additional 214 shares in the last quarter. Manchester Capital Management LLC increased its stake in SolarEdge Technologies by 1,345.0% in the 4th quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 269 shares during the last quarter. Green Alpha Advisors LLC raised its holdings in shares of SolarEdge Technologies by 2.7% in the 1st quarter. Green Alpha Advisors LLC now owns 10,226 shares of the semiconductor company’s stock valued at $726,000 after acquiring an additional 270 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of SolarEdge Technologies by 90.0% during the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 289 shares during the last quarter. 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.