JPMorgan Chase & Co. Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $29.00

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

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada dropped their price target on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 15th. Citigroup cut their price target on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday. The Goldman Sachs Group reduced their price target on shares of SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a research report on Friday, August 9th. Susquehanna decreased their price objective on shares of SolarEdge Technologies from $24.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday, October 16th. Finally, Morgan Stanley dropped their target price on shares of SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 8th. Seven analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.52.

SolarEdge Technologies Trading Up 5.6 %

Shares of SolarEdge Technologies stock opened at $16.11 on Wednesday. SolarEdge Technologies has a 12-month low of $14.82 and a 12-month high of $103.15. The stock has a market cap of $923.09 million, a PE ratio of -3.46 and a beta of 1.56. The company has a 50-day moving average of $21.03 and a two-hundred day moving average of $34.09. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The business 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 company’s revenue was down 73.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.06 earnings per share. On average, research analysts anticipate that SolarEdge Technologies will post -8.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Swedbank AB bought a new position in shares of SolarEdge Technologies in the first quarter valued at about $261,312,000. Vanguard Group Inc. raised its holdings in SolarEdge Technologies by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after acquiring an additional 62,942 shares in the last quarter. Quarry LP bought a new stake in SolarEdge Technologies during the second quarter worth about $36,627,000. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of 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 worth $25,531,000 after acquiring an additional 2,795 shares during the period. Finally, Marshall Wace LLP lifted its stake in SolarEdge Technologies by 425.1% during the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after purchasing an additional 450,081 shares during the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.