Canaccord Genuity Group Boosts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $18.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price hoisted by analysts at Canaccord Genuity Group from $16.00 to $18.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. Canaccord Genuity Group’s price target points to a potential upside of 20.08% from the company’s current price.

SEDG has been the topic of several other research reports. Citigroup cut their price target on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Mizuho lowered SolarEdge Technologies from an “outperform” rating to a “neutral” rating and cut their target price for the company from $35.00 to $11.00 in a research report on Thursday, November 7th. Royal Bank of Canada decreased their price target on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 15th. Morgan Stanley reaffirmed an “underweight” rating and issued a $9.00 price target (down from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Finally, Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a report on Wednesday, November 20th. Eight investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $21.16.

SolarEdge Technologies Stock Down 14.8 %

Shares of NASDAQ:SEDG opened at $14.99 on Tuesday. The company has a market capitalization of $868.67 million, a price-to-earnings ratio of -0.52 and a beta of 1.56. The company has a 50 day moving average of $14.09 and a two-hundred day moving average of $19.92. SolarEdge Technologies has a 52-week low of $10.24 and a 52-week high of $87.98. 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 released 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). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. During the same period in the previous year, the business posted ($1.03) earnings per share. SolarEdge Technologies’s revenue for the quarter was down 64.0% on a year-over-year basis. As a group, analysts forecast that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery acquired 156,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP acquired a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $36,627,000. Marshall Wace LLP boosted its stake in SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after purchasing an additional 450,081 shares in the last quarter. Soros Fund Management LLC acquired a new position in shares of SolarEdge Technologies during the 3rd quarter valued at $5,293,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of SolarEdge Technologies by 683.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after buying an additional 220,304 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of SolarEdge Technologies by 1,634.6% in the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock valued at $4,911,000 after buying an additional 202,010 shares during the period. 95.10% of the stock is currently owned by institutional investors.

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.