SolarEdge Technologies (NASDAQ:SEDG) PT Lowered to $29.00 at JPMorgan Chase & Co.

SolarEdge Technologies (NASDAQ:SEDG) had its price objective reduced by JPMorgan Chase & Co. from $35.00 to $29.00 in a research note published on Wednesday, Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

SEDG has been the subject of a number of other reports. Bank of America reduced their price target on shares of SolarEdge Technologies from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. BMO Capital Markets lowered their price target on SolarEdge Technologies from $24.00 to $21.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Wells Fargo & Company cut their price objective on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 2nd. Roth Mkm lowered their target price on shares of SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday, October 21st. Finally, Truist Financial reissued a “hold” rating and issued a $20.00 price target on shares of SolarEdge Technologies in a research note on Tuesday, August 27th. Seven research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $31.52.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock opened at $16.11 on Wednesday. The firm has a market capitalization of $923.09 million, a P/E ratio of -3.46 and a beta of 1.56. SolarEdge Technologies has a one year low of $14.82 and a one year high of $103.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. The business has a fifty day moving average price of $21.03 and a 200-day moving average price of $33.82.

SolarEdge Technologies (NASDAQ:SEDG) last issued its 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). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company 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 earned $2.06 EPS. The firm’s revenue for the quarter was down 73.2% compared to the same quarter last year. As a group, equities research analysts forecast that SolarEdge Technologies will post -8.78 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in SolarEdge Technologies by 90.0% during the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 289 shares during the period. Trillium Asset Management LLC raised its holdings in shares of SolarEdge Technologies by 1.6% during the first quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock valued at $1,960,000 after acquiring an additional 427 shares in the last quarter. Yelin Lapidot Holdings Management Ltd. lifted its stake in SolarEdge Technologies by 5.1% in the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock worth $294,000 after acquiring an additional 564 shares during the period. Texas Permanent School Fund Corp boosted its holdings in SolarEdge Technologies by 1.2% in the first quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock valued at $3,525,000 after acquiring an additional 585 shares in the last quarter. Finally, Swiss National Bank increased its position in SolarEdge Technologies by 0.5% during the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock valued at $7,957,000 after purchasing an additional 600 shares during the period. 95.10% of the stock is owned by 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.