Bank of America Lowers SolarEdge Technologies (NASDAQ:SEDG) Price Target to $44.00

SolarEdge Technologies (NASDAQ:SEDG) had its price objective lowered by equities research analysts at Bank of America from $54.00 to $44.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price objective indicates a potential downside of 16.46% from the company’s previous close.

SEDG has been the subject of several other research reports. B. Riley reduced their price objective on shares of SolarEdge Technologies from $133.00 to $124.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. TD Cowen decreased their price target on SolarEdge Technologies from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday. Roth Mkm dropped their price objective on SolarEdge Technologies from $76.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday. Truist Financial decreased their target price on SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Thursday, February 22nd. Finally, Canaccord Genuity Group dropped their price target on SolarEdge Technologies from $75.00 to $58.00 and set a “hold” rating for the company in a research report on Thursday. Four investment analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $92.15.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $52.67 on Friday. The company has a current ratio of 3.70, a quick ratio of 2.08 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $64.30 and a 200-day simple moving average of $73.85. The company has a market cap of $3.02 billion, a price-to-earnings ratio of 117.04 and a beta of 1.53. SolarEdge Technologies has a 12-month low of $51.65 and a 12-month high of $315.34.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.01) by $0.60. SolarEdge Technologies had a return on equity of 5.00% and a net margin of 1.15%. The firm had revenue of $316.04 million for the quarter, compared to analyst estimates of $319.97 million. On average, equities analysts forecast that SolarEdge Technologies will post -4.68 EPS for the current year.

Insider Activity

In other news, Director More Avery bought 7,000 shares of SolarEdge Technologies stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average price of $67.75 per share, for a total transaction of $474,250.00. Following the completion of the acquisition, the director now owns 77,446 shares of the company’s stock, valued at $5,246,966.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.17% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SEDG. Baillie Gifford & Co. raised its stake in shares of SolarEdge Technologies by 89.3% in the 3rd quarter. Baillie Gifford & Co. now owns 1,770,501 shares of the semiconductor company’s stock valued at $229,298,000 after acquiring an additional 835,290 shares during the period. Grantham Mayo Van Otterloo & Co. LLC raised its position in SolarEdge Technologies by 108.5% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,495,069 shares of the semiconductor company’s stock valued at $193,626,000 after purchasing an additional 778,034 shares during the period. Invenomic Capital Management LP acquired a new position in shares of SolarEdge Technologies during the fourth quarter worth about $42,644,000. Norges Bank purchased a new stake in shares of SolarEdge Technologies in the fourth quarter worth about $39,547,000. Finally, Impax Asset Management Group plc grew its stake in shares of SolarEdge Technologies by 46.3% in the third quarter. Impax Asset Management Group plc now owns 939,386 shares of the semiconductor company’s stock valued at $121,067,000 after buying an additional 297,089 shares in the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

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.