SolarEdge Technologies, Inc. (NASDAQ:SEDG) Receives $20.84 Average Price Target from Brokerages

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) have been given a consensus recommendation of "Reduce" by the twenty-nine ratings firms that are covering the firm, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $20.84.

A number of brokerages recently weighed in on SEDG. UBS Group decreased their price target on shares of SolarEdge Technologies from $26.00 to $18.00 and set a "neutral" rating on the stock in a research note on Friday, November 8th. Citigroup reaffirmed a "sell" rating and set a $9.00 price objective (down previously from $12.00) on shares of SolarEdge Technologies in a research report on Wednesday, January 8th. Morgan Stanley reissued an "underweight" rating and issued a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. Guggenheim upgraded shares of SolarEdge Technologies from a "sell" rating to a "neutral" rating in a report on Wednesday, November 20th. Finally, Truist Financial cut their price objective on shares of SolarEdge Technologies from $15.00 to $14.00 and set a "hold" rating on the stock in a report on Thursday, January 16th.

SolarEdge Technologies Stock Performance

Shares of SEDG stock traded down $0.47 during mid-day trading on Friday, reaching $14.29. The stock had a trading volume of 2,186,429 shares, compared to its average volume of 3,303,923. 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 1-year low of $10.24 and a 1-year high of $87.98. The business's fifty day moving average is $14.16 and its 200-day moving average is $17.91. The firm has a market cap of $828.11 million, a price-to-earnings ratio of -0.49 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its quarterly earnings results 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 net margin of 158.19% and a negative return on equity of 65.79%. The company had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. During the same period in the previous year, the firm posted ($1.03) earnings per share. The company's revenue was down 64.0% compared to the same quarter last year. On average, research analysts forecast that SolarEdge Technologies will post -23.19 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The shares were acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares of the company's stock, valued at $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.67% of the company's stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors have recently modified their holdings of SEDG. AMG National Trust Bank purchased a new position in SolarEdge Technologies during the third quarter worth about $4,055,000. Connor Clark & Lunn Investment Management Ltd. grew its position in SolarEdge Technologies by 683.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company's stock valued at $5,786,000 after acquiring an additional 220,304 shares in the last quarter. Mizuho Markets Americas LLC boosted its position in SolarEdge Technologies by 653.4% in the 3rd quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company's stock valued at $4,315,000 after buying an additional 163,340 shares during the last quarter. Meitav Investment House Ltd. raised its position in shares of SolarEdge Technologies by 9.6% in the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company's stock valued at $13,340,000 after purchasing an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in SolarEdge Technologies during the 3rd quarter valued at $1,495,000. Institutional investors and hedge funds own 95.10% of the company's stock.

SolarEdge Technologies Company Profile

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.