Canaccord Genuity Group Issues Positive Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its price target increased by Canaccord Genuity Group from $16.00 to $18.00 in a research report released on Tuesday,Benzinga reports. They currently have a hold rating on the semiconductor company’s stock.

A number of other research firms have also recently commented on SEDG. Susquehanna decreased their target price on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. JPMorgan Chase & Co. lowered their price objective on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. The Goldman Sachs Group upped their target price on SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday. Wells Fargo & Company raised their price target on SolarEdge Technologies from $15.00 to $19.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Jefferies Financial Group downgraded shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and cut their price objective for the company from $27.00 to $17.00 in a report on Tuesday, September 17th. Seven analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $21.72.

SolarEdge Technologies Trading Up 8.0 %

Shares of NASDAQ:SEDG opened at $17.59 on Tuesday. The company has a market capitalization of $1.02 billion, a PE ratio of -0.61 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $87.98. The business’s fifty day simple moving average is $14.13 and its 200-day simple moving average is $19.95.

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

Insider Activity

In related news, Chairman More Avery purchased 156,000 shares of the business’s 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 acquisition, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Several institutional investors have recently modified their holdings of the stock. KBC Group NV lifted its stake in SolarEdge Technologies by 95.8% in the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 1,378 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of SolarEdge Technologies by 655.2% during the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock valued at $72,000 after acquiring an additional 4,567 shares during the last quarter. US Bancorp DE lifted its position in shares of SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after acquiring an additional 4,834 shares in the last quarter. GFG Capital LLC acquired a new stake in shares of SolarEdge Technologies in the third quarter worth approximately $229,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of SolarEdge Technologies during the third quarter worth approximately $278,000. Institutional investors and hedge funds 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.