SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $29.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target trimmed by Wells Fargo & Company from $62.00 to $29.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an equal weight rating on the semiconductor company’s stock.

A number of other analysts also recently weighed in on the stock. Scotiabank decreased their target price on shares of SolarEdge Technologies from $72.00 to $46.00 and set a sector perform rating for the company in a research report on Tuesday, June 25th. Bank of America decreased their target price on shares of SolarEdge Technologies from $54.00 to $44.00 and set an underperform rating for the company in a research report on Friday, May 10th. Morgan Stanley decreased their target price on shares of SolarEdge Technologies from $83.00 to $41.00 and set an equal weight rating for the company in a research report on Wednesday, June 26th. The Goldman Sachs Group decreased their target price on shares of SolarEdge Technologies from $49.00 to $25.00 and set a sell rating for the company in a research report on Thursday, June 27th. Finally, B. Riley decreased their target price on shares of SolarEdge Technologies from $133.00 to $124.00 and set a buy rating for the company in a research report on Monday, April 22nd. Four investment analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $75.08.

SolarEdge Technologies Stock Performance

SolarEdge Technologies stock opened at $25.32 on Tuesday. The business has a 50 day moving average of $45.06 and a 200-day moving average of $63.53. SolarEdge Technologies has a 1 year low of $23.51 and a 1 year high of $288.87. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.54 and a quick ratio of 2.19. The company has a market capitalization of $1.45 billion, a P/E ratio of -5.45 and a beta of 1.52.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.07) by ($0.35). SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. The firm had revenue of $204.40 million during the quarter, compared to analyst estimates of $194.82 million. On average, equities research analysts predict that SolarEdge Technologies will post -6.52 earnings per share for the current year.

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently bought and sold shares of the business. Manchester Capital Management LLC increased its position in shares of SolarEdge Technologies by 1,345.0% during the 4th quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 269 shares during the last quarter. GAMMA Investing LLC purchased a new stake in shares of SolarEdge Technologies during the 4th quarter valued at $30,000. Versant Capital Management Inc increased its position in shares of SolarEdge Technologies by 1,066.7% during the 1st quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 640 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in shares of SolarEdge Technologies during the 1st quarter valued at $64,000. Finally, Compagnie Lombard Odier SCmA increased its position in shares of SolarEdge Technologies by 250.0% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 700 shares of the semiconductor company’s stock valued at $66,000 after purchasing an additional 500 shares during the last quarter. 95.10% of the stock is currently owned by institutional investors.

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.