SolarEdge Technologies (NASDAQ:SEDG) PT Lowered to $23.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price lowered by equities researchers at Roth Mkm from $27.00 to $23.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Roth Mkm’s target price indicates a potential upside of 8.49% from the stock’s current price.

Other research analysts have also issued reports about the company. BMO Capital Markets decreased their target price on SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating for the company in a report on Thursday, May 9th. Morgan Stanley decreased their price target on SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating for the company in a report on Wednesday, June 26th. Barclays raised their target price on SolarEdge Technologies from $50.00 to $61.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 16th. Wells Fargo & Company cut their target price on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 2nd. Finally, Citigroup cut their target price on SolarEdge Technologies from $83.00 to $71.00 and set a “neutral” rating on the stock in a research report on Thursday, May 9th. Four equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus price target of $52.92.

SolarEdge Technologies Stock Down 7.3 %

NASDAQ:SEDG traded down $1.67 during midday trading on Thursday, reaching $21.20. The company had a trading volume of 5,013,280 shares, compared to its average volume of 4,727,371. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of -4.56 and a beta of 1.52. The stock’s fifty day simple moving average is $31.29 and its 200-day simple moving average is $52.97. SolarEdge Technologies has a 12-month low of $19.81 and a 12-month high of $186.79. The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new stake in shares of SolarEdge Technologies in the second quarter valued at approximately $2,688,000. Quantbot Technologies LP purchased a new stake in shares of SolarEdge Technologies in the second quarter valued at approximately $4,391,000. Dimensional Fund Advisors LP boosted its stake in shares of SolarEdge Technologies by 42.6% in the second quarter. Dimensional Fund Advisors LP now owns 151,099 shares of the semiconductor company’s stock valued at $3,817,000 after buying an additional 45,130 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of SolarEdge Technologies in the second quarter valued at approximately $294,000. Finally, Tortoise Capital Advisors L.L.C. boosted its stake in shares of SolarEdge Technologies by 31.5% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 99,522 shares of the semiconductor company’s stock valued at $2,514,000 after buying an additional 23,844 shares in the last quarter. 95.10% of the stock is currently owned by hedge funds and other 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.