SolarEdge Technologies (NASDAQ:SEDG) Given New $10.00 Price Target at The Goldman Sachs Group

SolarEdge Technologies (NASDAQ:SEDG) had its price target cut by The Goldman Sachs Group from $19.00 to $10.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a sell rating on the semiconductor company’s stock.

A number of other research firms have also weighed in on SEDG. Morgan Stanley cut their price objective on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 8th. Citigroup cut their price objective on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Canaccord Genuity Group cut their price objective on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Jefferies Financial Group lowered SolarEdge Technologies from a “hold” rating to an “underperform” rating and cut their price objective for the stock from $27.00 to $17.00 in a research report on Tuesday, September 17th. Finally, Susquehanna dropped their target price on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday. Nine analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $23.79.

SolarEdge Technologies Trading Down 9.1 %

NASDAQ SEDG traded down $1.35 on Thursday, reaching $13.53. The stock had a trading volume of 7,872,062 shares, compared to its average volume of 3,473,123. The firm has a market capitalization of $775.27 million, a price-to-earnings ratio of -0.46 and a beta of 1.59. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. SolarEdge Technologies has a 12-month low of $12.38 and a 12-month high of $103.15. The stock has a fifty day moving average price of $19.34 and a two-hundred day moving average price of $31.18.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 56.32% and a negative net margin of 158.19%. The company had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. During the same period in the prior year, the company posted $2.06 EPS. The firm’s revenue was down 73.2% compared to the same quarter last year. As a group, sell-side analysts forecast that SolarEdge Technologies will post -8.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Trillium Asset Management LLC increased its stake in shares of SolarEdge Technologies by 1.6% during the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock worth $1,960,000 after purchasing an additional 427 shares in the last quarter. Yelin Lapidot Holdings Management Ltd. increased its stake in shares of SolarEdge Technologies by 5.1% during the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock worth $294,000 after purchasing an additional 564 shares in the last quarter. Texas Permanent School Fund Corp increased its stake in shares of SolarEdge Technologies by 1.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock worth $3,525,000 after purchasing an additional 585 shares in the last quarter. Swiss National Bank increased its stake in shares of SolarEdge Technologies by 0.5% during the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after purchasing an additional 600 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of SolarEdge Technologies by 2.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock worth $727,000 after purchasing an additional 700 shares in the last quarter. 95.10% of the stock is 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.