SolarEdge Technologies (NASDAQ:SEDG) Rating Increased to Buy at The Goldman Sachs Group

SolarEdge Technologies (NASDAQ:SEDG) was upgraded by equities researchers at The Goldman Sachs Group from a “sell” rating to a “buy” rating in a report released on Tuesday, Marketbeat.com reports. The brokerage currently has a $19.00 price objective on the semiconductor company’s stock, up from their previous price objective of $10.00. The Goldman Sachs Group’s target price suggests a potential upside of 37.28% from the company’s current price.

SEDG has been the topic of a number of other reports. Royal Bank of Canada dropped their price target on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 15th. TD Cowen dropped their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, November 7th. Roth Mkm dropped their price target on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Jefferies Financial Group downgraded SolarEdge Technologies from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $27.00 to $17.00 in a research note on Tuesday, September 17th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $9.00 target price (down from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Eight equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and an average price target of $22.40.

SolarEdge Technologies Stock Performance

Shares of SEDG opened at $13.84 on Tuesday. The business’s fifty day simple moving average is $14.89 and its two-hundred day simple moving average is $22.85. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $103.15. The company has a market cap of $802.03 million, a price-to-earnings ratio of -0.48 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The firm had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business’s quarterly revenue was down 64.0% on a year-over-year basis. During the same quarter last year, the business earned ($1.03) earnings per share. Research analysts anticipate that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In other news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The shares were purchased at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the acquisition, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

Large investors have recently made changes to their positions in the company. International Assets Investment Management LLC bought a new stake in shares of SolarEdge Technologies in the second quarter worth about $28,000. KBC Group NV grew its position in SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after acquiring an additional 1,378 shares in the last quarter. US Bancorp DE grew its position in SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after acquiring an additional 4,834 shares in the last quarter. GFG Capital LLC purchased a new position in SolarEdge Technologies in the third quarter worth about $229,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in SolarEdge Technologies in the third quarter worth about $278,000. 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.