SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $10.00 at The Goldman Sachs Group

SolarEdge Technologies (NASDAQ:SEDG) had its target price reduced by The Goldman Sachs Group from $19.00 to $10.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a sell rating on the semiconductor company’s stock.

SEDG has been the subject of several other research reports. Piper Sandler lowered SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price target for the company from $17.00 to $9.00 in a research note on Thursday. Guggenheim lowered SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a research note on Thursday, October 17th. Susquehanna cut their price target on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday. Canaccord Genuity Group cut their price target on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, TD Cowen lowered their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday. Nine equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $23.79.

SolarEdge Technologies Stock Performance

Shares of NASDAQ:SEDG traded down $1.35 during trading on Thursday, hitting $13.53. 7,872,062 shares of the stock traded hands, compared to its average volume of 3,473,123. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The company has a market cap of $775.27 million, a price-to-earnings ratio of -0.46 and a beta of 1.59. The company has a fifty day moving average price of $19.34 and a two-hundred day moving average price of $31.18. SolarEdge Technologies has a 52-week low of $12.38 and a 52-week high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last announced 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). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 56.32%. The business had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. During the same quarter in the prior year, the firm earned $2.06 EPS. SolarEdge Technologies’s revenue for the quarter was down 73.2% on a year-over-year basis. As a group, equities analysts predict that SolarEdge Technologies will post -8.85 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SEDG. Swedbank AB acquired a new position in SolarEdge Technologies in the first quarter valued at approximately $261,312,000. Quarry LP acquired a new position in SolarEdge Technologies in the second quarter valued at approximately $36,627,000. Marshall Wace LLP raised its position in SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after purchasing an additional 450,081 shares during the period. Quadrature Capital Ltd raised its position in SolarEdge Technologies by 1,206.8% in the first quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock valued at $17,080,000 after purchasing an additional 222,218 shares during the period. Finally, Handelsbanken Fonder AB raised its position in SolarEdge Technologies by 1,634.6% in the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock valued at $4,911,000 after purchasing an additional 202,010 shares during the period. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.