SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $15.00 by Analysts at Wells Fargo & Company

SolarEdge Technologies (NASDAQ:SEDG) had its target price reduced by Wells Fargo & Company from $19.00 to $15.00 in a report released on Wednesday,Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

SEDG has been the subject of a number of other research reports. Canaccord Genuity Group lifted their price objective on SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday. Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Susquehanna decreased their target price on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group boosted their price target on SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Jefferies Financial Group cut SolarEdge Technologies from a “hold” rating to an “underperform” rating and decreased their price objective for the stock from $27.00 to $17.00 in a report on Tuesday, September 17th. Eight equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, SolarEdge Technologies presently has an average rating of “Hold” and an average price target of $21.16.

SolarEdge Technologies Trading Down 1.9 %

Shares of SEDG stock opened at $14.71 on Wednesday. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $87.98. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The business has a fifty day simple moving average of $14.05 and a 200-day simple moving average of $19.88. The stock has a market cap of $852.44 million, a P/E ratio of -0.51 and a beta of 1.56.

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

Insider Buying and Selling

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the stock in a transaction on 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 transaction, 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new stake in SolarEdge Technologies in the 2nd quarter worth approximately $36,627,000. Two Sigma Advisers LP raised its position 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 purchasing an additional 3,400 shares during the period. M&G PLC lifted its stake in shares of SolarEdge Technologies by 4.2% in the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock worth $21,452,000 after buying an additional 38,001 shares during the last quarter. Geode Capital Management LLC boosted its holdings 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 during the period. Finally, Meitav Investment House Ltd. raised its holdings in SolarEdge Technologies by 9.6% in the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after acquiring an additional 51,065 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

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.