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

SolarEdge Technologies (NASDAQ:SEDG) had its price objective decreased by stock analysts at BMO Capital Markets from $21.00 to $12.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the semiconductor company’s stock. BMO Capital Markets’ target price indicates a potential downside of 11.31% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Barclays lowered their price target on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating for the company in a report on Friday, October 11th. Jefferies Financial Group lowered SolarEdge Technologies from a “hold” rating to an “underperform” rating and lowered their price objective for the company from $27.00 to $17.00 in a research note on Tuesday, September 17th. Truist Financial reissued a “hold” rating and set a $20.00 target price on shares of SolarEdge Technologies in a research report on Tuesday, August 27th. Canaccord Genuity Group lowered their price target on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Finally, William Blair started coverage on shares of SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating on the stock. Nine equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $23.79.

SolarEdge Technologies Stock Down 9.1 %

Shares of SEDG opened at $13.53 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. The stock has a market capitalization of $775.27 million, a price-to-earnings ratio of -0.47 and a beta of 1.59. SolarEdge Technologies has a 1 year low of $12.38 and a 1 year high of $103.15. The business’s 50 day simple moving average is $19.12 and its 200-day simple moving average is $30.89.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 56.32% and a negative net margin of 158.19%. The business had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same quarter in the prior year, the firm posted $2.06 EPS. The company’s revenue for the quarter was down 73.2% on a year-over-year basis. As a group, equities analysts expect that SolarEdge Technologies will post -8.85 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. lifted its position in shares of SolarEdge Technologies by 86.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 15,307 shares of the semiconductor company’s stock worth $351,000 after purchasing an additional 7,099 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake 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 worth $5,786,000 after buying an additional 220,304 shares in the last quarter. AMG National Trust Bank purchased a new stake in SolarEdge Technologies during the third quarter worth $4,055,000. Mizuho Markets Americas LLC boosted its position in SolarEdge Technologies by 653.4% during the 3rd quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock valued at $4,315,000 after acquiring an additional 163,340 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of SolarEdge Technologies by 95.8% in the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after acquiring an additional 1,378 shares during the period. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.