SolarEdge Technologies (NASDAQ:SEDG) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

SolarEdge Technologies (NASDAQ:SEDG) had its price target raised by The Goldman Sachs Group from $19.00 to $21.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 40.09% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. reduced their price target on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Truist Financial dropped their target price on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a report on Friday, November 8th. Bank of America lowered shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $21.00 to $14.00 in a research note on Thursday, November 7th. Susquehanna dropped their price objective on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, Piper Sandler cut shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $17.00 to $9.00 in a report on Thursday, November 7th. Eight 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.16.

SolarEdge Technologies Stock Down 14.8 %

Shares of NASDAQ SEDG opened at $14.99 on Tuesday. The firm has a fifty day simple moving average of $14.09 and a two-hundred day simple moving average of $19.92. The firm has a market capitalization of $868.67 million, a PE ratio of -0.52 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The company had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business’s quarterly revenue was down 64.0% on a year-over-year basis. During the same quarter last year, the business earned ($1.03) earnings per share. Equities analysts expect that SolarEdge Technologies will post -19.18 earnings per share for the current year.

Insider Buying and Selling

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the acquisition, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This represents a 176.32 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SEDG. AMG National Trust Bank purchased a new stake in shares of SolarEdge Technologies in the 3rd quarter worth $4,055,000. Connor Clark & Lunn Investment Management Ltd. increased its position in SolarEdge Technologies by 683.1% in the third 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. Mizuho Markets Americas LLC raised its stake in shares of SolarEdge Technologies by 653.4% in the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock worth $4,315,000 after buying an additional 163,340 shares during the period. Meitav Investment House Ltd. lifted its position in shares of SolarEdge Technologies by 9.6% during the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after buying an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of SolarEdge Technologies during the 3rd quarter valued at approximately $1,495,000. 95.10% of the stock is currently owned by institutional investors.

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.