SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $21.00 by Analysts at Bank of America

SolarEdge Technologies (NASDAQ:SEDG) had its price target reduced by research analysts at Bank of America from $22.00 to $21.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the semiconductor company’s stock. Bank of America‘s price target would indicate a potential upside of 7.91% from the stock’s previous close.

Several other research firms also recently issued reports on SEDG. Scotiabank cut their target price on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. DZ Bank lowered SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price objective on the stock. in a report on Wednesday, July 17th. Wells Fargo & Company decreased their target price on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 2nd. TD Cowen dropped their target price on SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, Roth Mkm reduced their price target on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Six investment analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and an average target price of $46.81.

SolarEdge Technologies Trading Up 7.0 %

SolarEdge Technologies stock opened at $19.46 on Thursday. SolarEdge Technologies has a one year low of $17.12 and a one year high of $130.38. The stock has a market cap of $1.12 billion, a PE ratio of -2.16 and a beta of 1.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. The stock has a 50-day moving average of $22.24 and a two-hundred day moving average of $37.64.

SolarEdge Technologies (NASDAQ:SEDG) last released its 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). The company had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The firm’s revenue for the quarter was down 73.2% on a year-over-year basis. During the same quarter last year, the business earned $2.06 earnings per share. On average, research analysts anticipate that SolarEdge Technologies will post -8.56 EPS for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Large investors have recently made changes to their positions in the stock. Albion Financial Group UT grew its holdings in SolarEdge Technologies by 32.2% in the 1st quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock valued at $278,000 after buying an additional 955 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of SolarEdge Technologies by 3,750.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 46,200 shares of the semiconductor company’s stock valued at $3,243,000 after buying an additional 45,000 shares during the period. Deerfield Management Company L.P. Series C acquired a new position in SolarEdge Technologies in the second quarter valued at approximately $678,000. Handelsbanken Fonder AB grew 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 worth $4,911,000 after acquiring an additional 202,010 shares during the period. Finally, Baader Bank Aktiengesellschaft purchased a new position in SolarEdge Technologies in the second quarter worth approximately $679,000. 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.