Mizuho Trims SolarEdge Technologies (NASDAQ:SEDG) Target Price to $35.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price decreased by Mizuho from $40.00 to $35.00 in a report released on Thursday morning, Benzinga reports. Mizuho currently has an outperform rating on the semiconductor company’s stock.

A number of other research firms have also recently commented on SEDG. Roth Mkm lowered their price target on SolarEdge Technologies from $27.00 to $23.00 and set a neutral rating on the stock in a report on Thursday, August 8th. Canaccord Genuity Group lowered their price target on SolarEdge Technologies from $58.00 to $38.00 and set a hold rating on the stock in a report on Tuesday, June 25th. William Blair initiated coverage on SolarEdge Technologies in a report on Thursday, August 29th. They set a market perform rating on the stock. Jefferies Financial Group cut SolarEdge Technologies from a hold rating to an underperform rating and decreased their price objective for the stock from $27.00 to $17.00 in a report on Tuesday, September 17th. Finally, Susquehanna decreased their price target on SolarEdge Technologies from $36.00 to $24.00 and set a neutral rating on the stock in a report on Thursday, August 8th. Five investment analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and an average price target of $49.35.

SolarEdge Technologies Stock Down 3.9 %

NASDAQ SEDG opened at $20.37 on Thursday. The stock’s 50-day moving average price is $24.14 and its 200-day moving average price is $42.37. 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 52 week low of $17.12 and a 52 week high of $139.41. The company has a market capitalization of $1.17 billion, a P/E ratio of -4.38 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. During the same period in the prior year, the firm posted $2.06 earnings per share. The firm’s revenue for the quarter was down 73.2% on a year-over-year basis. On average, equities research analysts predict that SolarEdge Technologies will post -8.67 earnings per share for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of SolarEdge Technologies by 24.3% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 181,500 shares of the semiconductor company’s stock worth $4,585,000 after purchasing an additional 35,495 shares during the last quarter. Quarry LP purchased a new stake in shares of SolarEdge Technologies during the 2nd quarter worth $36,627,000. The Manufacturers Life Insurance Company raised its stake in SolarEdge Technologies by 5.9% in the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock valued at $534,000 after buying an additional 1,175 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new stake in SolarEdge Technologies in the second quarter valued at about $678,000. Finally, AQR Capital Management LLC purchased a new stake in SolarEdge Technologies in the second quarter valued at about $600,000. 95.10% of the stock is currently 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.