SolarEdge Technologies (NASDAQ:SEDG) Rating Increased to Neutral at Bank of America

SolarEdge Technologies (NASDAQ:SEDG) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a note issued to investors on Monday, MarketBeat.com reports. The brokerage presently has a $29.00 target price on the semiconductor company’s stock. Bank of America‘s target price points to a potential upside of 7.93% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Mizuho cut their target price on shares of SolarEdge Technologies from $104.00 to $84.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Barclays upped their target price on shares of SolarEdge Technologies from $50.00 to $61.00 and gave the company an “underweight” rating in a report on Tuesday, April 16th. BMO Capital Markets lowered their price target on SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating on the stock in a report on Thursday, May 9th. JPMorgan Chase & Co. reduced their price objective on SolarEdge Technologies from $73.00 to $59.00 and set an “overweight” rating for the company in a research note on Thursday, June 20th. Finally, Northland Securities downgraded SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 9th. Three equities research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and a consensus target price of $73.19.

SolarEdge Technologies Stock Performance

NASDAQ SEDG opened at $26.87 on Monday. The company has a fifty day moving average of $43.11 and a two-hundred day moving average of $61.58. The company has a market capitalization of $1.54 billion, a PE ratio of -5.78 and a beta of 1.52. SolarEdge Technologies has a 1 year low of $23.51 and a 1 year high of $288.87. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.54 and a quick ratio of 2.19.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). The firm had revenue of $204.40 million during the quarter, compared to analyst estimates of $194.82 million. SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. As a group, analysts expect that SolarEdge Technologies will post -6.52 earnings per share for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

A number of large investors have recently added to or reduced their stakes in SEDG. Advisors Asset Management Inc. boosted its position in SolarEdge Technologies by 7.4% during the third quarter. Advisors Asset Management Inc. now owns 3,556 shares of the semiconductor company’s stock worth $461,000 after acquiring an additional 246 shares during the last quarter. Royal London Asset Management Ltd. grew its holdings in SolarEdge Technologies by 5.4% in the third quarter. Royal London Asset Management Ltd. now owns 21,492 shares of the semiconductor company’s stock valued at $2,782,000 after purchasing an additional 1,101 shares during the period. iA Global Asset Management Inc. acquired a new position in SolarEdge Technologies during the third quarter worth approximately $265,000. Vanguard Group Inc. raised its stake in SolarEdge Technologies by 3.8% during the third quarter. Vanguard Group Inc. now owns 2,529,274 shares of the semiconductor company’s stock worth $327,566,000 after purchasing an additional 92,230 shares during the period. Finally, Fulton Bank N.A. boosted its holdings in shares of SolarEdge Technologies by 24.2% in the 4th quarter. Fulton Bank N.A. now owns 4,056 shares of the semiconductor company’s stock valued at $380,000 after purchasing an additional 791 shares during the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

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.