Wells Fargo & Company Trims SolarEdge Technologies (NASDAQ:SEDG) Target Price to $29.00

SolarEdge Technologies (NASDAQ:SEDG) had its price objective trimmed by Wells Fargo & Company from $62.00 to $29.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has an equal weight rating on the semiconductor company’s stock.

A number of other research firms also recently commented on SEDG. Piper Sandler reduced their price objective on shares of SolarEdge Technologies from $53.00 to $25.00 and set a neutral rating on the stock in a research note on Wednesday, June 26th. Scotiabank dropped their target price on shares of SolarEdge Technologies from $72.00 to $46.00 and set a sector perform rating on the stock in a report on Tuesday, June 25th. The Goldman Sachs Group dropped their target price on shares of SolarEdge Technologies from $49.00 to $25.00 and set a sell rating on the stock in a report on Thursday, June 27th. Bank of America dropped their price objective on shares of SolarEdge Technologies from $54.00 to $44.00 and set an underperform rating on the stock in a report on Friday, May 10th. Finally, Canaccord Genuity Group dropped their price objective on shares of SolarEdge Technologies from $58.00 to $38.00 and set a hold rating on the stock in a report on Tuesday, June 25th. Four analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $75.08.

SolarEdge Technologies Price Performance

Shares of SEDG stock opened at $24.25 on Tuesday. The company has a market capitalization of $1.39 billion, a PE ratio of -5.22 and a beta of 1.52. The firm has a fifty day simple moving average of $46.34 and a 200-day simple moving average of $64.07. The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30. SolarEdge Technologies has a twelve month low of $23.51 and a twelve month high of $288.87.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share for the quarter, missing the consensus estimate of ($2.07) by ($0.35). The firm had revenue of $204.40 million during the quarter, compared to analysts’ expectations of $194.82 million. SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. Equities research analysts anticipate that SolarEdge Technologies will post -6.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Several large investors have recently made changes to their positions in the business. Manchester Capital Management LLC boosted its holdings in shares of SolarEdge Technologies by 1,345.0% in the fourth quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock worth $27,000 after buying an additional 269 shares during the period. GAMMA Investing LLC purchased a new stake in shares of SolarEdge Technologies in the fourth quarter worth approximately $30,000. Versant Capital Management Inc lifted its position in shares of SolarEdge Technologies by 1,066.7% in the first quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 640 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of SolarEdge Technologies in the first quarter worth approximately $64,000. Finally, Compagnie Lombard Odier SCmA lifted its position in shares of SolarEdge Technologies by 250.0% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 700 shares of the semiconductor company’s stock worth $66,000 after purchasing an additional 500 shares in the last quarter. Institutional investors 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.