The Goldman Sachs Group Raises SolarEdge Technologies (NASDAQ:SEDG) Price Target to $21.00

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its price objective raised by equities researchers at The Goldman Sachs Group from $19.00 to $21.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. The Goldman Sachs Group's target price indicates a potential upside of 19.39% from the stock's current price.

Several other equities analysts have also recently issued reports on the stock. Citigroup lowered their price objective on shares of SolarEdge Technologies from $31.00 to $19.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 22nd. Truist Financial dropped their target price on shares of SolarEdge Technologies from $20.00 to $15.00 and set a "hold" rating on the stock in a research report on Friday, November 8th. Morgan Stanley reissued an "underweight" rating and issued a $9.00 target price (down from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. StockNews.com raised shares of SolarEdge Technologies to a "sell" rating in a research report on Friday, November 8th. Finally, UBS Group dropped their target price on shares of SolarEdge Technologies from $26.00 to $18.00 and set a "neutral" rating on the stock in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $21.72.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock traded up $1.30 during trading hours on Tuesday, hitting $17.59. 7,775,691 shares of the company traded hands, compared to its average volume of 6,067,910. The firm has a market cap of $1.02 billion, a P/E ratio of -0.61 and a beta of 1.56. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The firm's 50-day simple moving average is $14.12 and its two-hundred day simple moving average is $20.06. SolarEdge Technologies has a 1-year low of $10.24 and a 1-year high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm's quarterly revenue was down 64.0% on a year-over-year basis. During the same period in the previous year, the business posted ($1.03) EPS. As a group, analysts forecast that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In other news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares of the company's stock, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 0.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. KBC Group NV increased its position in SolarEdge Technologies by 95.8% during the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company's stock worth $65,000 after acquiring an additional 1,378 shares during the period. GAMMA Investing LLC increased its position in SolarEdge Technologies by 655.2% during the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company's stock worth $72,000 after acquiring an additional 4,567 shares during the period. US Bancorp DE increased its position in SolarEdge Technologies by 243.6% during the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company's stock worth $156,000 after acquiring an additional 4,834 shares during the period. GFG Capital LLC bought a new position in SolarEdge Technologies during the third quarter worth $229,000. Finally, Magnetar Financial LLC bought a new position in SolarEdge Technologies during the second quarter worth $286,000. 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.