SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $25.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price cut by equities research analysts at Bank of America from $31.00 to $25.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the semiconductor company’s stock. Bank of America‘s target price suggests a potential upside of 17.92% from the company’s current price.

Several other brokerages have also recently commented on SEDG. Citigroup dropped their price target on shares of SolarEdge Technologies from $83.00 to $71.00 and set a “neutral” rating on the stock in a research report on Thursday, May 9th. Canaccord Genuity Group cut their target price on shares of SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating for the company in a research note on Tuesday, June 25th. Piper Sandler decreased their price target on shares of SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday. TD Cowen dropped their price target on SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday. Finally, The Goldman Sachs Group reduced their price objective on SolarEdge Technologies from $49.00 to $25.00 and set a “sell” rating for the company in a research note on Thursday, June 27th. Four investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, SolarEdge Technologies has a consensus rating of “Hold” and an average price target of $52.92.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG traded down $1.67 during midday trading on Thursday, reaching $21.20. 5,013,280 shares of the company traded hands, compared to its average volume of 4,727,371. The stock has a 50-day moving average price of $31.29 and a 200 day moving average price of $52.97. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -4.56 and a beta of 1.52. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.54 and a quick ratio of 2.19. SolarEdge Technologies has a 52 week low of $19.81 and a 52 week high of $186.79.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. SolarEdge Technologies’s revenue was down 73.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.06 EPS. Sell-side analysts anticipate that SolarEdge Technologies will post -7.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors have recently made changes to their positions in the stock. Manchester Capital Management LLC grew its holdings in shares of SolarEdge Technologies by 1,345.0% during the fourth quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 269 shares in the last quarter. GAMMA Investing LLC purchased a new position in SolarEdge Technologies in the 4th quarter worth approximately $30,000. Versant Capital Management Inc raised its position in shares of SolarEdge Technologies by 1,066.7% during the 1st quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 640 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of SolarEdge Technologies during the 1st quarter valued at $64,000. Finally, International Assets Investment Management LLC purchased a new position in SolarEdge Technologies in the second quarter worth $28,000. 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.