SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $14.00 by Analysts at Truist Financial

SolarEdge Technologies (NASDAQ:SEDG) had its price target decreased by investment analysts at Truist Financial from $15.00 to $14.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. Truist Financial’s price target would indicate a potential downside of 2.44% from the stock’s current price.

Several other research analysts have also issued reports on SEDG. The Goldman Sachs Group raised their target price on SolarEdge Technologies from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, January 7th. Citigroup reaffirmed a “sell” rating and issued a $9.00 price objective (down from $12.00) on shares of SolarEdge Technologies in a research note on Wednesday, January 8th. Mizuho downgraded shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $35.00 to $11.00 in a research report on Thursday, November 7th. Morgan Stanley restated an “underweight” rating and issued a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. Finally, Piper Sandler cut shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $17.00 to $9.00 in a research report on Thursday, November 7th. Eight equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, SolarEdge Technologies has a consensus rating of “Hold” and an average target price of $21.24.

SolarEdge Technologies Trading Down 1.0 %

SolarEdge Technologies stock traded down $0.15 during trading hours on Thursday, hitting $14.35. The stock had a trading volume of 476,678 shares, compared to its average volume of 4,631,749. The stock has a market cap of $831.58 million, a price-to-earnings ratio of -0.49 and a beta of 1.56. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The business’s 50 day simple moving average is $13.82 and its 200-day simple moving average is $19.48. SolarEdge Technologies has a one year low of $10.24 and a one year high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG) last posted its 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 business had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. During the same quarter in the prior year, the business earned ($1.03) earnings per share. The firm’s quarterly revenue was down 64.0% on a year-over-year basis. On average, equities analysts predict that SolarEdge Technologies will post -23.2 EPS for the current fiscal year.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was purchased at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP bought a new stake in SolarEdge Technologies during the 2nd quarter valued at $36,627,000. Two Sigma Advisers LP raised its stake in shares of SolarEdge Technologies by 0.3% during the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after purchasing an additional 3,400 shares during the period. M&G PLC lifted its holdings in SolarEdge Technologies by 4.2% during the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock worth $21,452,000 after purchasing an additional 38,001 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in SolarEdge Technologies by 182.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock worth $11,888,000 after purchasing an additional 564,490 shares during the period. Finally, Geode Capital Management LLC grew its holdings in SolarEdge Technologies by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock valued at $16,227,000 after buying an additional 25,474 shares in the last quarter. 95.10% of the stock is owned by 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.