JPMorgan Chase & Co. Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $59.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target trimmed by JPMorgan Chase & Co. from $73.00 to $59.00 in a report published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the semiconductor company’s stock.

SEDG has been the topic of several other reports. Mizuho dropped their price target on shares of SolarEdge Technologies from $104.00 to $84.00 and set a buy rating on the stock in a research report on Friday, May 10th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of SolarEdge Technologies from $75.00 to $55.00 and set a hold rating on the stock in a research report on Friday, May 10th. Northland Securities lowered shares of SolarEdge Technologies from an outperform rating to a market perform rating in a research report on Thursday, May 9th. Royal Bank of Canada reissued a sector perform rating and issued a $71.00 price objective on shares of SolarEdge Technologies in a research report on Friday, June 7th. Finally, Truist Financial dropped their price objective on shares of SolarEdge Technologies from $80.00 to $75.00 and set a hold rating on the stock in a research report on Thursday, February 22nd. Four equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, SolarEdge Technologies currently has an average rating of Hold and an average price target of $85.19.

SolarEdge Technologies Stock Down 3.8 %

SolarEdge Technologies stock opened at $33.01 on Thursday. The company has a 50 day moving average of $50.75 and a 200-day moving average of $67.03. The company has a quick ratio of 2.19, a current ratio of 4.54 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.89 billion, a PE ratio of -7.10 and a beta of 1.62. SolarEdge Technologies has a twelve month low of $32.54 and a twelve month high of $288.87.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, May 8th. The semiconductor company reported ($2.42) EPS for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). The business had revenue of $204.40 million during the quarter, compared to the consensus estimate of $194.82 million. SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. On average, equities research analysts anticipate that SolarEdge Technologies will post -6.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Yelin Lapidot Holdings Management Ltd. raised its holdings in SolarEdge Technologies by 0.6% during the 4th quarter. Yelin Lapidot Holdings Management Ltd. now owns 21,513 shares of the semiconductor company’s stock worth $2,014,000 after purchasing an additional 130 shares during the last quarter. Liberty One Investment Management LLC grew its position in shares of SolarEdge Technologies by 4.2% during the 4th quarter. Liberty One Investment Management LLC now owns 3,683 shares of the semiconductor company’s stock worth $345,000 after buying an additional 148 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of SolarEdge Technologies by 194.7% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock worth $36,000 after buying an additional 183 shares during the period. Strategic Advocates LLC grew its position in shares of SolarEdge Technologies by 10.1% during the 4th quarter. Strategic Advocates LLC now owns 2,329 shares of the semiconductor company’s stock worth $218,000 after buying an additional 214 shares during the period. Finally, Advisors Asset Management Inc. grew its position in shares of SolarEdge Technologies by 7.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,556 shares of the semiconductor company’s stock worth $461,000 after buying an additional 246 shares during the period. 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.