The Goldman Sachs Group Upgrades SolarEdge Technologies (NASDAQ:SEDG) to Buy

SolarEdge Technologies (NASDAQ:SEDG) was upgraded by stock analysts at The Goldman Sachs Group from a “sell” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat reports. The firm currently has a $19.00 price target on the semiconductor company’s stock, up from their prior price target of $10.00. The Goldman Sachs Group’s price objective points to a potential upside of 37.28% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. Jefferies Financial Group cut SolarEdge Technologies from a “hold” rating to an “underperform” rating and cut their price objective for the stock from $27.00 to $17.00 in a report on Tuesday, September 17th. Barclays dropped their target price on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a report on Friday, November 15th. Citigroup dropped their target price on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Royal Bank of Canada dropped their target price on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a report on Tuesday, October 15th. Finally, William Blair began coverage on SolarEdge Technologies in a report on Thursday, August 29th. They set a “market perform” rating for the company. Eight analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and a consensus target price of $22.40.

SolarEdge Technologies Price Performance

SEDG opened at $13.84 on Tuesday. The stock has a 50-day moving average price of $14.89 and a 200-day moving average price of $22.85. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $103.15. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $802.03 million, a P/E ratio of -0.48 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. During the same quarter in the previous year, the company posted ($1.03) earnings per share. SolarEdge Technologies’s revenue for the quarter was down 64.0% compared to the same quarter last year. Equities analysts predict that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal year.

Insider Activity at SolarEdge Technologies

In related news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction that occurred on Monday, November 11th. The stock was bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the transaction, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC increased its position in SolarEdge Technologies by 19.7% during the 3rd quarter. Tidal Investments LLC now owns 63,862 shares of the semiconductor company’s stock valued at $1,463,000 after buying an additional 10,515 shares in the last quarter. Geode Capital Management LLC increased its position in SolarEdge Technologies by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock valued at $16,227,000 after buying an additional 25,474 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in SolarEdge Technologies during the 3rd quarter valued at approximately $278,000. Two Sigma Advisers LP boosted its stake in SolarEdge Technologies by 0.3% during the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after purchasing an additional 3,400 shares during the last quarter. Finally, Soros Fund Management LLC purchased a new stake in SolarEdge Technologies during the 3rd quarter valued at $5,293,000. 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.