SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $25.00 at Royal Bank of Canada

SolarEdge Technologies (NASDAQ:SEDG) had its target price decreased by equities research analysts at Royal Bank of Canada from $35.00 to $25.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “sector perform” rating on the semiconductor company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 34.63% from the stock’s current price.

A number of other analysts have also recently weighed in on SEDG. BMO Capital Markets lowered their price target on shares of SolarEdge Technologies from $24.00 to $21.00 and set a “market perform” rating on the stock in a report on Monday. JPMorgan Chase & Co. lifted their target price on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, August 9th. TD Cowen lowered their target price on shares of SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Truist Financial reiterated a “hold” rating and issued a $20.00 target price on shares of SolarEdge Technologies in a research note on Tuesday, August 27th. Six research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and an average target price of $40.84.

SolarEdge Technologies Stock Up 2.1 %

NASDAQ:SEDG opened at $18.57 on Tuesday. SolarEdge Technologies has a fifty-two week low of $17.12 and a fifty-two week high of $130.38. The stock has a market capitalization of $1.06 billion, a P/E ratio of -3.99 and a beta of 1.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. The company’s 50-day simple moving average is $21.90 and its 200-day simple moving average is $36.37.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The firm had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same quarter in the prior year, the business posted $2.06 earnings per share. The firm’s quarterly revenue was down 73.2% on a year-over-year basis. On average, equities analysts anticipate that SolarEdge Technologies will post -8.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. increased its holdings in SolarEdge Technologies by 16.4% in the 3rd quarter. Vontobel Holding Ltd. now owns 98,616 shares of the semiconductor company’s stock worth $2,259,000 after acquiring an additional 13,860 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in SolarEdge Technologies by 1,634.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after acquiring an additional 202,010 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in SolarEdge Technologies by 24.3% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 181,500 shares of the semiconductor company’s stock worth $4,585,000 after acquiring an additional 35,495 shares in the last quarter. Quarry LP purchased a new stake in SolarEdge Technologies in the 2nd quarter worth $36,627,000. Finally, The Manufacturers Life Insurance Company increased its holdings in SolarEdge Technologies by 5.9% in the 2nd 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 in the last quarter. Hedge funds and other 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.