SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $41.00 by Analysts at Scotiabank

SolarEdge Technologies (NASDAQ:SEDG) had its target price lowered by stock analysts at Scotiabank from $46.00 to $41.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the semiconductor company’s stock. Scotiabank’s target price would indicate a potential upside of 93.40% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company reduced their target price on shares of SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 2nd. The Goldman Sachs Group decreased their price target on shares of SolarEdge Technologies from $49.00 to $25.00 and set a “sell” rating for the company in a research note on Thursday, June 27th. Mizuho dropped their price objective on shares of SolarEdge Technologies from $104.00 to $84.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of SolarEdge Technologies from $75.00 to $55.00 and set a “hold” rating for the company in a research report on Friday, May 10th. Finally, Piper Sandler lowered their target price on shares of SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday. Four research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $52.92.

SolarEdge Technologies Trading Down 7.3 %

SEDG stock traded down $1.67 during mid-day trading on Thursday, hitting $21.20. 5,013,280 shares of the company were exchanged, compared to its average volume of 4,727,371. SolarEdge Technologies has a 12-month low of $19.81 and a 12-month high of $186.79. The firm has a market capitalization of $1.21 billion, a P/E ratio of -4.56 and a beta of 1.52. The business has a fifty day simple moving average of $31.29 and a 200-day simple moving average of $52.97. The company has a quick ratio of 2.19, a current ratio of 4.54 and a debt-to-equity ratio of 0.30.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. The company had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. During the same quarter in the prior year, the company posted $2.06 earnings per share. The business’s revenue was down 73.2% compared to the same quarter last year. On average, equities research analysts predict that SolarEdge Technologies will post -7.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brevan Howard Capital Management LP increased its stake in SolarEdge Technologies by 110.3% in the 4th quarter. Brevan Howard Capital Management LP now owns 39,374 shares of the semiconductor company’s stock valued at $3,685,000 after buying an additional 20,654 shares during the period. Albion Financial Group UT increased its stake in shares of SolarEdge Technologies by 32.2% during the first quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock worth $278,000 after acquiring an additional 955 shares during the period. International Assets Investment Management LLC raised its holdings in SolarEdge Technologies by 20,293.3% during the fourth quarter. International Assets Investment Management LLC now owns 103,802 shares of the semiconductor company’s stock worth $9,716,000 after purchasing an additional 103,293 shares in the last quarter. Principal Financial Group Inc. lifted its position in SolarEdge Technologies by 371.3% in the fourth quarter. Principal Financial Group Inc. now owns 288,935 shares of the semiconductor company’s stock valued at $27,044,000 after purchasing an additional 227,634 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its holdings in SolarEdge Technologies by 3,750.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 46,200 shares of the semiconductor company’s stock valued at $3,243,000 after purchasing an additional 45,000 shares in 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.