SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $12.00 at BMO Capital Markets

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its target price dropped by BMO Capital Markets from $21.00 to $12.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "market perform" rating on the semiconductor company's stock. BMO Capital Markets' price target indicates a potential downside of 19.35% from the company's previous close.

Several other equities research analysts have also recently weighed in on SEDG. JPMorgan Chase & Co. decreased their target price on SolarEdge Technologies from $35.00 to $29.00 and set an "overweight" rating for the company in a research note on Wednesday, October 23rd. William Blair started coverage on shares of SolarEdge Technologies in a report on Thursday, August 29th. They issued a "market perform" rating for the company. Bank of America downgraded shares of SolarEdge Technologies from a "neutral" rating to an "underperform" rating and dropped their target price for the company from $21.00 to $14.00 in a research report on Thursday. Barclays reduced their price target on shares of SolarEdge Technologies from $26.00 to $17.00 and set an "underweight" rating for the company in a research report on Friday, October 11th. Finally, Truist Financial reaffirmed a "hold" rating and set a $20.00 price objective on shares of SolarEdge Technologies in a report on Tuesday, August 27th. Nine investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $24.26.

SolarEdge Technologies Stock Up 1.4 %

Shares of NASDAQ:SEDG traded up $0.21 during trading hours on Thursday, reaching $14.88. The stock had a trading volume of 18,841,579 shares, compared to its average volume of 3,452,642. SolarEdge Technologies has a 1 year low of $12.38 and a 1 year high of $103.15. The firm's 50 day moving average is $19.34 and its 200-day moving average is $31.18. The stock has a market capitalization of $852.62 million, a price-to-earnings ratio of -1.66 and a beta of 1.59. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing analysts' consensus estimates of ($1.60) by ($0.19). The business had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The firm's quarterly revenue was down 73.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.06 earnings per share. Research analysts predict that SolarEdge Technologies will post -8.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Large investors have recently modified their holdings of the business. Swedbank AB acquired a new position in SolarEdge Technologies during the first quarter worth $261,312,000. Vanguard Group Inc. grew its stake in shares of SolarEdge Technologies by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company's stock worth $166,618,000 after purchasing an additional 62,942 shares during the period. Quarry LP purchased a new position in shares of SolarEdge Technologies in the 2nd quarter valued at about $36,627,000. Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of SolarEdge Technologies by 0.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company's stock valued at $25,531,000 after purchasing an additional 2,795 shares during the period. Finally, M&G PLC lifted its stake in shares of SolarEdge Technologies by 4.2% in the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company's stock valued at $21,452,000 after purchasing an additional 38,001 shares during the period. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.