The Goldman Sachs Group Upgrades SolarEdge Technologies (NASDAQ:SEDG) to “Buy”

SolarEdge Technologies (NASDAQ:SEDG) was upgraded by research analysts at The Goldman Sachs Group from a “sell” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $19.00 price objective on the semiconductor company’s stock, up from their previous price objective of $10.00. The Goldman Sachs Group’s target price would indicate a potential upside of 54.22% from the stock’s previous close.

Other analysts have also recently issued reports about the company. UBS Group cut their price target on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Barclays decreased their target price on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. Citigroup lowered their price target on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Truist Financial reduced their price objective on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a research report on Friday, November 8th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $9.00 target price (down from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. Eight analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SolarEdge Technologies currently has a consensus rating of “Hold” and an average target price of $22.40.

SolarEdge Technologies Stock Performance

Shares of SolarEdge Technologies stock opened at $12.32 on Tuesday. The business has a 50-day simple moving average of $15.08 and a 200-day simple moving average of $23.15. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. SolarEdge Technologies has a one year low of $10.24 and a one year high of $103.15. The company has a market cap of $713.94 million, a PE ratio of -0.42 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. During the same quarter last year, the firm earned ($1.03) EPS. The company’s revenue was down 64.0% on a year-over-year basis. On average, equities research analysts forecast that SolarEdge Technologies will post -19.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.67% of the stock is owned by insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors have recently made changes to their positions in the stock. Louisiana State Employees Retirement System lifted its position 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 valued at $727,000 after acquiring an additional 700 shares during the period. Slow Capital Inc. raised its holdings in SolarEdge Technologies by 15.6% during the second quarter. Slow Capital Inc. now owns 45,861 shares of the semiconductor company’s stock worth $1,158,000 after purchasing an additional 6,180 shares during the last quarter. Bank of New York Mellon Corp boosted its position in SolarEdge Technologies by 23.7% during the second quarter. Bank of New York Mellon Corp now owns 357,830 shares of the semiconductor company’s stock worth $9,039,000 after purchasing an additional 68,444 shares in the last quarter. Meitav Investment House Ltd. grew its holdings in SolarEdge Technologies by 33.1% in the second quarter. Meitav Investment House Ltd. now owns 531,044 shares of the semiconductor company’s stock valued at $13,412,000 after purchasing an additional 132,068 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of SolarEdge Technologies by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,774 shares of the semiconductor company’s stock valued at $1,080,000 after buying an additional 4,338 shares in the last quarter. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

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.