The Goldman Sachs Group Lowers SolarEdge Technologies (NASDAQ:SEDG) Price Target to $10.00

SolarEdge Technologies (NASDAQ:SEDG) had its price objective dropped by equities research analysts at The Goldman Sachs Group from $19.00 to $10.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “sell” rating on the semiconductor company’s stock. The Goldman Sachs Group’s target price points to a potential downside of 33.24% from the company’s current price.

SEDG has been the subject of several other reports. Scotiabank cut their price objective on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Bank of America downgraded SolarEdge Technologies from a “neutral” rating to an “underperform” rating and cut their price target for the company from $21.00 to $14.00 in a report on Thursday. Royal Bank of Canada cut their price target on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a report on Tuesday, October 15th. Susquehanna cut their price target on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Canaccord Genuity Group cut their price target on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Nine equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $24.65.

SolarEdge Technologies Price Performance

Shares of SEDG stock traded up $0.30 during midday trading on Thursday, reaching $14.98. 11,727,547 shares of the company traded hands, compared to its average volume of 3,417,273. The firm’s 50 day simple moving average is $19.54 and its two-hundred day simple moving average is $31.29. SolarEdge Technologies has a 1-year low of $12.38 and a 1-year high of $103.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. The firm has a market cap of $858.35 million, a PE ratio of -1.59 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. During the same quarter in the prior year, the firm earned $2.06 earnings per share. The company’s revenue for the quarter was down 73.2% on a year-over-year basis. On average, equities research analysts expect that SolarEdge Technologies will post -8.85 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new position in SolarEdge Technologies in the 2nd quarter valued at about $28,000. EntryPoint Capital LLC purchased a new position in SolarEdge Technologies in the 1st quarter valued at about $64,000. KBC Group NV boosted its position in SolarEdge Technologies by 95.8% in the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 1,378 shares during the last quarter. First Pacific Financial boosted its position in SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after buying an additional 1,805 shares during the last quarter. Finally, US Bancorp DE raised its stake in shares of SolarEdge Technologies by 243.6% in the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after purchasing an additional 4,834 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.