SolarEdge Technologies (NASDAQ:SEDG) PT Lowered to $17.00 at Piper Sandler

SolarEdge Technologies (NASDAQ:SEDG) had its target price cut by investment analysts at Piper Sandler from $25.00 to $17.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Piper Sandler’s price objective would suggest a potential downside of 8.45% from the company’s current price.

A number of other brokerages have also issued reports on SEDG. Morgan Stanley decreased their target price on shares of SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 8th. Bank of America dropped their target price on SolarEdge Technologies from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Scotiabank lowered their price target on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada cut their price objective on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a report on Tuesday. Finally, Mizuho cut their price target on shares of SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, September 19th. Seven equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $39.35.

SolarEdge Technologies Stock Performance

SolarEdge Technologies stock opened at $18.57 on Thursday. SolarEdge Technologies has a fifty-two week low of $17.12 and a fifty-two week high of $130.38. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -3.99 and a beta of 1.56. The stock has a fifty day moving average of $21.90 and a two-hundred day moving average of $36.37. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10.

SolarEdge Technologies (NASDAQ:SEDG) last announced its 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). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The firm had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. During the same period in the previous year, the firm posted $2.06 EPS. The company’s revenue for the quarter was down 73.2% compared to the same quarter last year. On average, analysts anticipate that SolarEdge Technologies will post -8.53 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Several large investors have recently modified their holdings of SEDG. Teachers Retirement System of The State of Kentucky lifted its holdings in SolarEdge Technologies by 217.8% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 15,943 shares of the semiconductor company’s stock worth $1,492,000 after buying an additional 10,926 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in SolarEdge Technologies by 41.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,059 shares of the semiconductor company’s stock worth $1,410,000 after purchasing an additional 4,413 shares during the last quarter. GAMMA Investing LLC boosted its holdings in SolarEdge Technologies by 90.0% in the first quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 289 shares during the period. Global Assets Advisory LLC bought a new stake in SolarEdge Technologies during the first quarter valued at $5,062,000. Finally, Brookstone Capital Management bought a new position in shares of SolarEdge Technologies in the 1st quarter worth about $350,000. 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.