Wells Fargo & Company Forecasts Strong Price Appreciation for SolarEdge Technologies (NASDAQ:SEDG) Stock

SolarEdge Technologies (NASDAQ:SEDG) had its price objective lifted by research analysts at Wells Fargo & Company from $15.00 to $19.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 26.75% from the company’s previous close.

Other analysts have also issued reports about the company. Bank of America lowered SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $21.00 to $14.00 in a report on Thursday, November 7th. Truist Financial dropped their price target on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a research note on Friday, November 8th. TD Cowen reduced their price objective on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. Citigroup dropped their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Finally, Mizuho downgraded shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $35.00 to $11.00 in a research report on Thursday, November 7th. Eight investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $21.16.

SolarEdge Technologies Price Performance

NASDAQ:SEDG opened at $14.99 on Tuesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The company has a 50 day moving average price of $14.09 and a 200-day moving average price of $19.92. SolarEdge Technologies has a 1-year low of $10.24 and a 1-year high of $87.98. The firm has a market cap of $868.67 million, a price-to-earnings ratio of -0.52 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data 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 return on equity of 65.79% and a negative net margin of 158.19%. The firm had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. During the same quarter last year, the company posted ($1.03) EPS. The company’s revenue was down 64.0% on a year-over-year basis. Equities research analysts forecast that SolarEdge Technologies will post -19.18 EPS for the current year.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several large investors have recently modified their holdings of the business. Bank of New York Mellon Corp raised its holdings in SolarEdge Technologies by 23.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 357,830 shares of the semiconductor company’s stock valued at $9,039,000 after buying an additional 68,444 shares during the period. Rhumbline Advisers lifted its holdings in shares of SolarEdge Technologies by 3.6% in the 2nd quarter. Rhumbline Advisers now owns 104,092 shares of the semiconductor company’s stock worth $2,629,000 after acquiring an additional 3,572 shares during the last quarter. Quest Partners LLC purchased a new position in shares of SolarEdge Technologies during the 2nd quarter worth approximately $294,000. Dimensional Fund Advisors LP increased its holdings in SolarEdge Technologies by 42.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 151,099 shares of the semiconductor company’s stock valued at $3,817,000 after purchasing an additional 45,130 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in SolarEdge Technologies in the 2nd quarter valued at approximately $4,391,000. Institutional investors and hedge funds 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.