Citigroup Issues Positive Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its target price lifted by equities researchers at Citigroup from $25.00 to $30.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “sell” rating on the semiconductor company’s stock. Citigroup’s price target points to a potential downside of 12.09% from the company’s current price.

Several other analysts also recently issued reports on the company. TD Cowen dropped their price target on SolarEdge Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Barclays reduced their price target on SolarEdge Technologies from $53.00 to $37.00 and set an “equal weight” rating for the company in a research report on Thursday, August 6th. Glj Research reiterated a “sell” rating on shares of SolarEdge Technologies in a report on Thursday, June 11th. UBS Group raised shares of SolarEdge Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $36.00 to $42.00 in a research report on Wednesday, August 26th. Finally, Wells Fargo & Company began coverage on shares of SolarEdge Technologies in a report on Monday, June 29th. They issued an “equal weight” rating and a $36.00 target price on the stock. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, SolarEdge Technologies currently has a consensus rating of “Reduce” and a consensus price target of $39.20.

SolarEdge Technologies Trading Down 1.6%

Shares of SEDG opened at $34.13 on Monday. The firm has a market capitalization of $2.10 billion, a PE ratio of -7.54 and a beta of 1.44. 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 has a 12-month low of $28.21 and a 12-month high of $81.25. The stock’s fifty day simple moving average is $37.90 and its 200-day simple moving average is $46.19.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The company had revenue of $346.20 million for the quarter, compared to analysts’ expectations of $341.15 million. SolarEdge Technologies had a negative net margin of 20.29% and a negative return on equity of 29.17%. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.81) earnings per share. As a group, research analysts predict that SolarEdge Technologies will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its stake in shares of SolarEdge Technologies by 80.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,746 shares of the semiconductor company’s stock valued at $1,329,000 after purchasing an additional 10,171 shares during the last quarter. Tidal Investments LLC boosted its stake in SolarEdge Technologies by 16.0% in the second quarter. Tidal Investments LLC now owns 60,526 shares of the semiconductor company’s stock valued at $3,537,000 after buying an additional 8,330 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in SolarEdge Technologies in the second quarter valued at about $140,000. Nykredit A S acquired a new position in SolarEdge Technologies during the second quarter worth about $36,000. Finally, Amundi raised its stake in SolarEdge Technologies by 7.2% during the second quarter. Amundi now owns 93,751 shares of the semiconductor company’s stock worth $5,479,000 after acquiring an additional 6,267 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

About SolarEdge Technologies

SolarEdge Technologies, Inc develops smart energy technology for solar power generation, energy storage and energy management. The company is best known for its DC-optimized inverter system, which uses power optimizers attached to individual solar modules to improve energy harvesting and provide module-level monitoring. Its platform is designed to support residential, commercial and utility-scale photovoltaic installations.

The company’s product portfolio includes power optimizers, inverters, monitoring and management software, batteries and energy storage systems, and related solutions for backup power and electric vehicle charging.