Brokerages Set SolarEdge Technologies, Inc. (NASDAQ:SEDG) Target Price at $51.62

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) have been assigned an average rating of “Hold” from the thirty-three ratings firms that are presently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, twenty-six have issued a hold rating and four have assigned a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $51.62.

Several equities research analysts have recently issued reports on the stock. Bank of America lowered their price objective on shares of SolarEdge Technologies from $31.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Jefferies Financial Group began coverage on SolarEdge Technologies in a research note on Wednesday. They issued a “hold” rating and a $27.00 price target on the stock. Piper Sandler reduced their price objective on SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Susquehanna dropped their target price on SolarEdge Technologies from $36.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group reduced their price target on SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating for the company in a research report on Friday, August 9th.

SolarEdge Technologies Stock Down 5.7 %

NASDAQ:SEDG opened at $19.49 on Thursday. SolarEdge Technologies has a 1 year low of $19.43 and a 1 year high of $153.08. The stock has a 50-day moving average price of $25.51 and a two-hundred day moving average price of $45.74. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -4.19 and a beta of 1.56. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The business had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. SolarEdge Technologies’s revenue for the quarter was down 73.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.06 earnings per share. As a group, equities analysts expect that SolarEdge Technologies will post -8.6 earnings per share for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP acquired a new stake in shares of SolarEdge Technologies during the 2nd quarter worth about $36,627,000. The Manufacturers Life Insurance Company lifted its position in SolarEdge Technologies by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock worth $534,000 after acquiring an additional 1,175 shares during the last quarter. Deerfield Management Company L.P. Series C bought a new stake in shares of SolarEdge Technologies during the second quarter worth approximately $678,000. AQR Capital Management LLC acquired a new position in shares of SolarEdge Technologies in the second quarter valued at approximately $600,000. Finally, Marshall Wace LLP increased its stake in shares of SolarEdge Technologies by 425.1% during the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after purchasing an additional 450,081 shares during the period. 95.10% of the stock is owned by institutional investors.

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.