Jefferies Financial Group Initiates Coverage on SolarEdge Technologies (NASDAQ:SEDG)

Equities research analysts at Jefferies Financial Group assumed coverage on shares of SolarEdge Technologies (NASDAQ:SEDG) in a report issued on Wednesday, Marketbeat reports. The brokerage set a “hold” rating and a $27.00 price target on the semiconductor company’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 30.69% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Canaccord Genuity Group reduced their price target on shares of SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating for the company in a report on Tuesday, June 25th. Piper Sandler reduced their price objective on shares of SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 9th. Wells Fargo & Company reduced their price objective on shares of SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 2nd. Finally, Morgan Stanley dropped their price target on shares of SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 26th. Four equities research analysts have rated the stock with a sell rating, twenty-six have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and an average target price of $51.62.

SolarEdge Technologies Price Performance

Shares of NASDAQ SEDG opened at $20.66 on Wednesday. SolarEdge Technologies has a twelve month low of $19.81 and a twelve month high of $160.98. The firm has a fifty day simple moving average of $25.62 and a 200 day simple moving average of $46.47. The company has a market capitalization of $1.18 billion, a PE ratio of -4.44 and a beta of 1.56. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The company had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company’s revenue for the quarter was down 73.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.06 earnings per share. On average, sell-side analysts forecast that SolarEdge Technologies will post -8.51 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds have recently bought and sold shares of the company. Yelin Lapidot Holdings Management Ltd. grew its stake in SolarEdge Technologies by 0.6% during the fourth quarter. Yelin Lapidot Holdings Management Ltd. now owns 21,513 shares of the semiconductor company’s stock valued at $2,014,000 after acquiring an additional 130 shares in the last quarter. Strategic Advocates LLC grew its stake in SolarEdge Technologies by 10.1% during the fourth quarter. Strategic Advocates LLC now owns 2,329 shares of the semiconductor company’s stock valued at $218,000 after acquiring an additional 214 shares in the last quarter. Manchester Capital Management LLC grew its stake in SolarEdge Technologies by 1,345.0% during the fourth quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 269 shares in the last quarter. Green Alpha Advisors LLC grew its stake in SolarEdge Technologies by 2.7% during the first quarter. Green Alpha Advisors LLC now owns 10,226 shares of the semiconductor company’s stock valued at $726,000 after acquiring an additional 270 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in SolarEdge Technologies by 90.0% during the first quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 289 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.