SolarEdge Technologies’ (SEDG) “Hold” Rating Reaffirmed at TD Cowen

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “hold” rating reaffirmed by research analysts at TD Cowen in a report released on Monday, Benzinga reports. They currently have a $16.00 target price on the semiconductor company’s stock, down from their previous target price of $35.00. TD Cowen’s target price indicates a potential downside of 7.57% from the stock’s current price.

SEDG has been the subject of several other research reports. Susquehanna lowered their price objective on shares of SolarEdge Technologies from $24.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, October 16th. William Blair started coverage on shares of SolarEdge Technologies in a report on Thursday, August 29th. They set a “market perform” rating for the company. Royal Bank of Canada cut their price objective on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 15th. DZ Bank downgraded SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 target price for the company. in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. boosted their price target on SolarEdge Technologies from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Seven investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, SolarEdge Technologies has a consensus rating of “Hold” and an average price target of $34.56.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock opened at $17.31 on Monday. The firm has a fifty day moving average of $21.73 and a 200-day moving average of $35.65. SolarEdge Technologies has a 52-week low of $16.91 and a 52-week high of $120.74. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $991.85 million, a P/E ratio of -3.72 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The company had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The firm’s revenue for the quarter was down 73.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.06 earnings per share. As a group, analysts predict that SolarEdge Technologies will post -8.53 EPS for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in the business. Swedbank AB acquired a new stake in SolarEdge Technologies in the 1st quarter valued at approximately $261,312,000. Vanguard Group Inc. lifted its holdings in SolarEdge Technologies by 2.8% in the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after purchasing an additional 62,942 shares during the period. Quarry LP bought a new position in SolarEdge Technologies in the 2nd quarter valued at about $36,627,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in SolarEdge Technologies by 0.3% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock valued at $25,531,000 after buying an additional 2,795 shares during the period. Finally, Marshall Wace LLP increased its stake in SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after buying an additional 450,081 shares during the period. Institutional investors 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.