SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $25.00 by Analysts at Royal Bank of Canada

SolarEdge Technologies (NASDAQ:SEDG) had its price objective lowered by Royal Bank of Canada from $35.00 to $25.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a sector perform rating on the semiconductor company’s stock.

A number of other research analysts also recently issued reports on SEDG. William Blair started coverage on SolarEdge Technologies in a report on Thursday, August 29th. They issued a market perform rating on the stock. Wells Fargo & Company cut their target price on SolarEdge Technologies from $62.00 to $29.00 and set an equal weight rating on the stock in a research note on Tuesday, July 2nd. Mizuho decreased their price target on shares of SolarEdge Technologies from $40.00 to $35.00 and set an outperform rating for the company in a research report on Thursday, September 19th. JPMorgan Chase & Co. lifted their price objective on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the stock an overweight rating in a research report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of SolarEdge Technologies from $40.00 to $25.00 and set a hold rating for the company in a research note on Friday, August 9th. Six equities research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SolarEdge Technologies currently has an average rating of Hold and a consensus target price of $41.00.

SolarEdge Technologies Stock Down 3.4 %

NASDAQ:SEDG opened at $18.19 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. SolarEdge Technologies has a 1-year low of $17.12 and a 1-year high of $130.38. The company has a 50-day moving average of $22.00 and a 200 day moving average of $36.50. The firm has a market cap of $1.04 billion, a PE ratio of -2.02 and a beta of 1.56.

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). The business had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. SolarEdge Technologies’s revenue for the quarter was down 73.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.06 EPS. As a group, research analysts anticipate that SolarEdge Technologies will post -8.53 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors have recently modified their holdings of the stock. Swedbank AB purchased a new stake in shares of SolarEdge Technologies in the first quarter worth about $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 boosted its position in SolarEdge Technologies by 425.1% in the 2nd 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 in the last quarter. Quadrature Capital Ltd grew its stake in shares of SolarEdge Technologies by 1,206.8% during the 1st quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock worth $17,080,000 after purchasing an additional 222,218 shares during the period. Finally, Handelsbanken Fonder AB grew its stake in shares of SolarEdge Technologies by 1,634.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after purchasing an additional 202,010 shares during the period. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.