SolarEdge Technologies (NASDAQ:SEDG) Given New $29.00 Price Target at JPMorgan Chase & Co.

SolarEdge Technologies (NASDAQ:SEDG) had its target price reduced by JPMorgan Chase & Co. from $35.00 to $29.00 in a research report released on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the semiconductor company’s stock.

Several other analysts have also commented on the stock. Barclays lowered their price objective on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating on the stock in a research report on Friday, October 11th. Truist Financial reiterated a “hold” rating and issued a $20.00 price objective on shares of SolarEdge Technologies in a research note on Tuesday, August 27th. Glj Research downgraded SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, October 8th. William Blair assumed coverage on SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft cut their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, August 9th. Seven equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.52.

SolarEdge Technologies Stock Performance

Shares of SEDG opened at $16.11 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. SolarEdge Technologies has a one year low of $14.82 and a one year high of $103.15. The stock has a 50-day moving average of $21.03 and a 200-day moving average of $34.09. The company has a market cap of $923.09 million, a PE ratio of -3.46 and a beta of 1.56.

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 18.00% and a negative net margin of 33.86%. The company had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. During the same period last year, the company earned $2.06 earnings per share. The business’s revenue for the quarter was down 73.2% compared to the same quarter last year. On average, equities research analysts predict that SolarEdge Technologies will post -8.78 EPS for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Swedbank AB bought a new stake in SolarEdge Technologies in the first quarter worth $261,312,000. Vanguard Group Inc. lifted its stake 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 last quarter. Quarry LP purchased a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $36,627,000. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of SolarEdge Technologies by 0.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock worth $25,531,000 after buying an additional 2,795 shares during the period. Finally, Marshall Wace LLP lifted its stake in shares of SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after acquiring an additional 450,081 shares during 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.