SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $38.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price cut by equities research analysts at Canaccord Genuity Group from $58.00 to $38.00 in a report released on Tuesday, Briefing.com reports. The firm currently has a “hold” rating on the semiconductor company’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 14.29% from the company’s previous close.

SEDG has been the topic of a number of other research reports. Janney Montgomery Scott cut shares of SolarEdge Technologies from a “buy” rating to a “neutral” rating in a research report on Friday, March 22nd. Susquehanna cut shares of SolarEdge Technologies from a “positive” rating to a “neutral” rating and decreased their price objective for the company from $92.00 to $56.00 in a research report on Monday, May 13th. Scotiabank decreased their price objective on shares of SolarEdge Technologies from $72.00 to $46.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Northland Securities cut shares of SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 9th. Finally, Mizuho decreased their price objective on shares of SolarEdge Technologies from $104.00 to $84.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Four investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SolarEdge Technologies currently has an average rating of “Hold” and a consensus target price of $81.88.

SolarEdge Technologies Stock Up 0.7 %

Shares of NASDAQ:SEDG opened at $33.25 on Tuesday. SolarEdge Technologies has a one year low of $31.95 and a one 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 cap of $1.91 billion, a price-to-earnings ratio of -7.15 and a beta of 1.62. The firm has a fifty day moving average price of $50.21 and a two-hundred day moving average price of $66.61.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) EPS for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). The business had revenue of $204.40 million during the quarter, compared to analysts’ expectations of $194.82 million. SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. Analysts anticipate that SolarEdge Technologies will post -6.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Manchester Capital Management LLC raised its holdings in shares of SolarEdge Technologies by 1,345.0% during the fourth 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 position in shares of SolarEdge Technologies during the fourth quarter valued at approximately $30,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of SolarEdge Technologies by 194.7% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 183 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of SolarEdge Technologies by 1,066.7% during the first 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. Finally, EntryPoint Capital LLC purchased a new position in shares of SolarEdge Technologies during the first quarter valued at approximately $64,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.