SolarEdge Technologies, Inc. (NASDAQ:SEDG) Receives $22.79 Average Target Price from Brokerages

SolarEdge Technologies, Inc. (NASDAQ:SEDG) has received a consensus recommendation of “Reduce” from the twenty-nine brokerages that are covering the stock, Marketbeat reports. Eight investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $22.79.

A number of brokerages recently commented on SEDG. Canaccord Genuity Group reduced their price objective on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Glj Research cut SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. Bank of America lowered SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $21.00 to $14.00 in a report on Thursday, November 7th. The Goldman Sachs Group reduced their target price on SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a report on Thursday, November 7th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $9.00 price target (down from $23.00) on shares of SolarEdge Technologies in a research note on Friday, November 15th.

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery purchased 156,000 shares of SolarEdge Technologies stock in a transaction on 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 completion of the transaction, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.67% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new stake in shares of SolarEdge Technologies during the second quarter worth about $28,000. EntryPoint Capital LLC acquired a new stake in SolarEdge Technologies during the 1st quarter valued at approximately $64,000. KBC Group NV increased its holdings in SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after purchasing an additional 1,378 shares during the last quarter. First Pacific Financial raised its position in shares of SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 1,805 shares in the last quarter. Finally, US Bancorp DE boosted its stake in shares of SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after buying an additional 4,834 shares during the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $11.88 on Tuesday. The stock’s 50-day moving average price is $17.42 and its 200 day moving average price is $27.41. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $688.45 million, a PE ratio of -0.41 and a beta of 1.59. SolarEdge Technologies has a 52-week low of $10.24 and a 52-week high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS 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 for the quarter, compared to analysts’ expectations of $272.80 million. During the same quarter last year, the company earned ($1.03) EPS. SolarEdge Technologies’s revenue for the quarter was down 64.0% compared to the same quarter last year. As a group, equities research analysts forecast that SolarEdge Technologies will post -19.05 EPS for the current year.

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.