Susquehanna Issues Pessimistic Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its price target cut by Susquehanna from $32.00 to $31.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the semiconductor company’s stock. Susquehanna‘s price objective would indicate a potential upside of 12.69% from the stock’s current price.

SEDG has been the topic of several other reports. Wall Street Zen raised SolarEdge Technologies from a “sell” rating to a “hold” rating in a report on Sunday, November 1st. Royal Bank Of Canada raised their price target on SolarEdge Technologies from $24.00 to $30.00 and gave the company a “sector perform” rating in a report on Friday, September 11th. Barclays reduced their price target on SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Wednesday, October 7th. The Goldman Sachs Group lowered their price target on SolarEdge Technologies from $34.00 to $30.00 and set a “sell” rating for the company in a research report on Thursday, August 6th. Finally, TD Cowen dropped their price target on shares of SolarEdge Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $36.93.

SolarEdge Technologies Stock Up 5.0%

Shares of SEDG stock traded up $1.31 during trading hours on Thursday, hitting $27.51. 2,787,033 shares of the company’s stock traded hands, compared to its average volume of 2,438,225. The stock’s fifty day simple moving average is $32.65 and its two-hundred day simple moving average is $42.12. SolarEdge Technologies has a 12-month low of $25.25 and a 12-month high of $81.25. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of -7.24 and a beta of 1.31. The company has a quick ratio of 1.38, a current ratio of 2.03 and a debt-to-equity ratio of 0.85.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, November 4th. The semiconductor company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.25. The company had revenue of $325.40 million for the quarter, compared to the consensus estimate of $326.78 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.31) EPS. On average, analysts expect that SolarEdge Technologies will post -1.21 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SEDG. State Street Corp increased its holdings in shares of SolarEdge Technologies by 0.7% in the 2nd quarter. State Street Corp now owns 1,761,901 shares of the semiconductor company’s stock worth $102,965,000 after purchasing an additional 12,188 shares in the last quarter. Legal & General Group Plc bought a new position in shares of SolarEdge Technologies during the second quarter valued at $76,095,000. Handelsbanken Fonder AB boosted its position in shares of SolarEdge Technologies by 16.6% during the second quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company’s stock valued at $71,905,000 after buying an additional 175,281 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of SolarEdge Technologies during the second quarter valued at $55,514,000. Finally, First Trust Advisors LP increased its holdings in SolarEdge Technologies by 32.6% in the 1st quarter. First Trust Advisors LP now owns 916,358 shares of the semiconductor company’s stock worth $46,780,000 after buying an additional 225,097 shares in the last quarter. 95.10% of the stock is owned by institutional investors.

Key SolarEdge Technologies News

Here are the key news stories impacting SolarEdge Technologies this week:

• Positive Sentiment: SolarEdge’s quarterly earnings per share beat consensus expectations, helping drive unusually high trading volume. Revenue came in slightly below estimates, tempering the positive result. SolarEdge sees unusually high trading volume on better-than-expected earnings
• Neutral Sentiment: Susquehanna lowered its target from $32 to $31 but maintained a neutral rating; JPMorgan also kept a neutral rating while cutting its target from $38 to $31. Both targets remain above the reference share price. Susquehanna sets new price target
• Negative Sentiment: Royal Bank of Canada cut its target from $30 to $25 and rated the shares sector perform. Citigroup lowered its target from $30 to $24 with a sell rating, while Goldman Sachs cut its target from $29 to $25 and also rated the stock sell. These calls point to limited upside or potential downside. Royal Bank of Canada recommendations
• Negative Sentiment: Weak demand is seen as clouding SolarEdge’s recovery, adding to concerns that a rebound may take longer than hoped. SolarEdge: Weak Demand Clouds The Recovery

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.