SolarEdge Technologies (NASDAQ:SEDG) Price Target Raised to $30.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price increased by Citigroup from $25.00 to $30.00 in a research note released on Monday,Benzinga reports. Citigroup currently has a sell rating on the semiconductor company’s stock.

Several other research analysts also recently commented on SEDG. TD Cowen reduced their price target on shares of SolarEdge Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Mizuho boosted their price objective on shares of SolarEdge Technologies from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, September 11th. Royal Bank Of Canada upped their target price on shares of SolarEdge Technologies from $24.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday, September 11th. The Goldman Sachs Group reduced their target price on shares of SolarEdge Technologies from $34.00 to $30.00 and set a “sell” rating on the stock in a research report on Thursday, August 6th. Finally, Glj Research reaffirmed a “sell” rating on shares of SolarEdge Technologies in a research note on Thursday, June 11th. Two analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $39.20.

SolarEdge Technologies Stock Performance

Shares of SolarEdge Technologies stock opened at $33.35 on Monday. The stock’s fifty day moving average is $36.75 and its two-hundred day moving average is $46.14. The company has a market capitalization of $2.05 billion, a PE ratio of -7.41 and a beta of 1.44. The company has a quick ratio of 1.38, a current ratio of 2.03 and a debt-to-equity ratio of 0.85. SolarEdge Technologies has a 52 week low of $28.21 and a 52 week high of $81.25.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The business had revenue of $346.20 million for the quarter, compared to analyst estimates of $341.15 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%.The business’s revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.81) earnings per share. As a group, analysts expect that SolarEdge Technologies will post -1.2 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 stock. Legal & General Group Plc purchased a new stake in shares of SolarEdge Technologies during the 2nd quarter worth $76,095,000. Clal Insurance Enterprises Holdings Ltd purchased a new position in SolarEdge Technologies in the second quarter valued at about $55,514,000. Meitav Investment House Ltd. raised its holdings in SolarEdge Technologies by 541.6% in the first quarter. Meitav Investment House Ltd. now owns 1,017,551 shares of the semiconductor company’s stock worth $51,946,000 after purchasing an additional 858,954 shares in the last quarter. ING Groep NV purchased a new stake in shares of SolarEdge Technologies during the fourth quarter valued at about $13,848,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new stake in shares of SolarEdge Technologies during the first quarter valued at about $17,009,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc develops smart energy technology for solar power generation, energy storage and energy management. The company is best known for its DC-optimized inverter system, which uses power optimizers attached to individual solar modules to improve energy harvesting and provide module-level monitoring. Its platform is designed to support residential, commercial and utility-scale photovoltaic installations.

The company’s product portfolio includes power optimizers, inverters, monitoring and management software, batteries and energy storage systems, and related solutions for backup power and electric vehicle charging.