SolarEdge Technologies (NASDAQ:SEDG) Upgraded by The Goldman Sachs Group to “Buy” Rating

The Goldman Sachs Group upgraded shares of SolarEdge Technologies (NASDAQ:SEDG) from a sell rating to a buy rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The Goldman Sachs Group currently has $19.00 target price on the semiconductor company’s stock, up from their previous target price of $10.00.

Several other equities research analysts also recently weighed in on the company. Jefferies Financial Group downgraded SolarEdge Technologies from a “hold” rating to an “underperform” rating and reduced their price target for the stock from $27.00 to $17.00 in a report on Tuesday, September 17th. Guggenheim upgraded SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. BMO Capital Markets lowered their target price on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research note on Thursday, November 7th. StockNews.com raised shares of SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. Finally, Piper Sandler lowered shares of 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, November 7th. Eight investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.40.

SolarEdge Technologies Trading Up 16.6 %

Shares of SEDG opened at $14.37 on Tuesday. The firm has a market cap of $832.74 million, a P/E ratio of -0.49 and a beta of 1.56. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. SolarEdge Technologies has a 1 year low of $10.24 and a 1 year high of $103.15. The company has a 50 day simple moving average of $15.08 and a two-hundred day simple moving average of $23.15.

SolarEdge Technologies (NASDAQ:SEDG) last posted its 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). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. During the same period last year, the business posted ($1.03) earnings per share. The company’s revenue for the quarter was down 64.0% compared to the same quarter last year. On average, equities analysts expect that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the acquisition, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Yelin Lapidot Holdings Management Ltd. increased its stake in shares of SolarEdge Technologies by 5.1% during the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock worth $294,000 after purchasing an additional 564 shares during the last quarter. Louisiana State Employees Retirement System increased its position in SolarEdge Technologies by 2.5% during the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock worth $727,000 after buying an additional 700 shares during the last quarter. Bank Hapoalim BM increased its position in SolarEdge Technologies by 2.5% during the third quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock worth $769,000 after buying an additional 812 shares during the last quarter. International Assets Investment Management LLC bought a new position in SolarEdge Technologies during the second quarter valued at about $28,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of SolarEdge Technologies by 5.9% in the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock worth $534,000 after buying an additional 1,175 shares during the last quarter. Hedge funds and other 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.