Truist Financial Issues Pessimistic Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its target price lowered by research analysts at Truist Financial from $20.00 to $15.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. Truist Financial’s target price points to a potential upside of 9.81% from the company’s current price.

A number of other brokerages also recently issued reports on SEDG. JPMorgan Chase & Co. decreased their price objective on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Jefferies Financial Group cut shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and cut their price objective for the company from $27.00 to $17.00 in a research report on Tuesday, September 17th. Scotiabank dropped their price target on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada decreased their price objective on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a report on Tuesday, October 15th. Finally, DZ Bank cut shares of SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 target price on the stock. in a report on Wednesday, July 17th. Nine research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $24.04.

SolarEdge Technologies Stock Performance

SEDG traded down $1.22 during midday trading on Friday, reaching $13.66. The company had a trading volume of 1,327,295 shares, compared to its average volume of 3,442,964. The business has a 50-day moving average of $19.34 and a two-hundred day moving average of $31.18. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. SolarEdge Technologies has a 1 year low of $12.38 and a 1 year high of $103.15. The company has a market cap of $782.72 million, a P/E ratio of -0.47 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The firm had revenue of $265.41 million for the quarter, compared to the consensus estimate of $264.31 million. SolarEdge Technologies had a negative return on equity of 56.32% and a negative net margin of 158.19%. SolarEdge Technologies’s revenue was down 73.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.06 EPS. As a group, equities research analysts predict that SolarEdge Technologies will post -8.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new position in SolarEdge Technologies during the second quarter worth about $28,000. EntryPoint Capital LLC purchased a new position in SolarEdge Technologies in the 1st quarter worth approximately $64,000. KBC Group NV boosted its holdings in shares of SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after purchasing an additional 1,378 shares during the last quarter. First Pacific Financial increased its holdings in shares of SolarEdge Technologies by 53.0% in the second quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 1,805 shares during the last quarter. Finally, US Bancorp DE lifted its position in SolarEdge Technologies by 243.6% during the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after buying an additional 4,834 shares in the last quarter. Hedge funds and other 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.