Canaccord Genuity Group Issues Positive Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its price objective lifted by Canaccord Genuity Group from $16.00 to $18.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the semiconductor company’s stock.

A number of other research firms have also weighed in on SEDG. Piper Sandler lowered SolarEdge Technologies from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. Glj Research upgraded SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. The Goldman Sachs Group lifted their price objective on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday. Mizuho cut shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and cut their target price for the company from $35.00 to $11.00 in a research note on Thursday, November 7th. Finally, Wells Fargo & Company boosted their price target on shares of SolarEdge Technologies from $15.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Seven equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $21.72.

SolarEdge Technologies Stock Up 8.0 %

SEDG stock opened at $17.59 on Tuesday. The business’s 50-day moving average price is $14.13 and its 200-day moving average price is $19.95. The stock has a market cap of $1.02 billion, a P/E ratio of -0.61 and a beta of 1.56. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a twelve month low of $10.24 and a twelve month high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. SolarEdge Technologies’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.03) EPS. On average, equities research analysts forecast that SolarEdge Technologies will post -19.18 EPS for the current year.

Insider Activity at SolarEdge Technologies

In related news, Chairman More Avery acquired 156,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was bought at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its stake in SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after purchasing an additional 4,567 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of SolarEdge Technologies by 19.7% in the 3rd quarter. Tidal Investments LLC now owns 63,862 shares of the semiconductor company’s stock worth $1,463,000 after buying an additional 10,515 shares during the period. Geode Capital Management LLC grew its position in shares of SolarEdge Technologies by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after buying an additional 25,474 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of SolarEdge Technologies during the third quarter valued at $278,000. Finally, Two Sigma Advisers LP raised its holdings in shares of SolarEdge Technologies by 0.3% in the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after acquiring an additional 3,400 shares in the last quarter. 95.10% of the stock is 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.