Barclays Increases SolarEdge Technologies (NASDAQ:SEDG) Price Target to $10.00

SolarEdge Technologies (NASDAQ:SEDG) had its price objective increased by equities research analysts at Barclays from $7.00 to $10.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the semiconductor company’s stock. Barclays‘s target price suggests a potential downside of 30.84% from the company’s previous close.

A number of other research firms have also recently commented on SEDG. Citigroup reiterated a “sell” rating and set a $9.00 price objective (down previously from $12.00) on shares of SolarEdge Technologies in a research report on Wednesday, January 8th. TD Cowen lowered their price target on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, November 7th. JPMorgan Chase & Co. reduced their price objective on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Canaccord Genuity Group lifted their target price on shares of SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Tuesday, January 7th. Finally, Morgan Stanley reissued an “underweight” rating and set a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a research note on Friday, November 15th. Eight research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $21.28.

SolarEdge Technologies Stock Down 1.7 %

Shares of NASDAQ SEDG opened at $14.46 on Tuesday. The firm’s 50-day moving average is $13.92 and its two-hundred day moving average is $19.59. The company has a market capitalization of $837.96 million, a PE ratio of -0.50 and a beta of 1.56. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $87.98. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The company had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. SolarEdge Technologies’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.03) EPS. Equities analysts anticipate that SolarEdge Technologies will post -19.18 EPS for the current fiscal year.

Insider Activity

In other news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of SolarEdge Technologies in the second quarter worth about $36,627,000. Marshall Wace LLP raised its position in shares of SolarEdge Technologies by 425.1% in the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after purchasing an additional 450,081 shares in the last quarter. Soros Fund Management LLC purchased a new position in shares of SolarEdge Technologies during the 3rd quarter valued at approximately $5,293,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of SolarEdge Technologies by 683.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after buying an additional 220,304 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in shares of SolarEdge Technologies by 1,634.6% in the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after buying an additional 202,010 shares during the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

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.