Bank of America Trims SolarEdge Technologies (NASDAQ:SEDG) Target Price to $21.00

SolarEdge Technologies (NASDAQ:SEDG) had its price objective lowered by Bank of America from $22.00 to $21.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the semiconductor company’s stock.

A number of other brokerages have also issued reports on SEDG. DZ Bank lowered shares of SolarEdge Technologies from a hold rating to a sell rating and set a $24.00 price target on the stock. in a research note on Wednesday, July 17th. Jefferies Financial Group cut shares of SolarEdge Technologies from a hold rating to an underperform rating and decreased their price target for the stock from $27.00 to $17.00 in a report on Tuesday, September 17th. Canaccord Genuity Group decreased their price target on shares of SolarEdge Technologies from $38.00 to $27.00 and set a hold rating for the company in a report on Thursday, August 8th. William Blair assumed coverage on shares of SolarEdge Technologies in a report on Thursday, August 29th. They issued a market perform rating for the company. Finally, Scotiabank decreased their price target on shares of SolarEdge Technologies from $46.00 to $41.00 and set a sector perform rating for the company in a report on Thursday, August 8th. Six analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $46.81.

SolarEdge Technologies Stock Performance

SEDG stock opened at $19.46 on Thursday. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -4.18 and a beta of 1.56. The firm has a 50-day simple moving average of $22.24 and a two-hundred day simple moving average of $37.46. SolarEdge Technologies has a one year low of $17.12 and a one year high of $130.38. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The firm had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The business’s quarterly revenue was down 73.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.06 earnings per share. On average, equities analysts forecast that SolarEdge Technologies will post -8.56 EPS for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Several institutional investors have recently modified their holdings of SEDG. Albion Financial Group UT lifted its stake in shares of SolarEdge Technologies by 32.2% in the first quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock worth $278,000 after buying an additional 955 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of SolarEdge Technologies by 3,750.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 46,200 shares of the semiconductor company’s stock worth $3,243,000 after buying an additional 45,000 shares in the last quarter. Deerfield Management Company L.P. Series C purchased a new position in shares of SolarEdge Technologies in the second quarter worth about $678,000. Handelsbanken Fonder AB lifted its stake in shares of SolarEdge Technologies by 1,634.6% in the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after buying an additional 202,010 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new position in shares of SolarEdge Technologies in the second quarter worth about $679,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

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.