TD Cowen Issues Pessimistic Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its price target reduced by research analysts at TD Cowen from $16.00 to $11.00 in a report released on Thursday, MarketBeat.com reports. The firm currently has a “hold” rating on the semiconductor company’s stock. TD Cowen’s price target points to a potential downside of 18.70% from the company’s current price.

A number of other research firms have also recently weighed in on SEDG. Citigroup reduced their price objective on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. reduced their target price on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft decreased their price objective on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Susquehanna reduced their target price on shares of SolarEdge Technologies from $24.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, October 16th. Finally, Piper Sandler lowered shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $17.00 to $9.00 in a research report on Thursday. Nine investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $23.79.

SolarEdge Technologies Trading Down 9.1 %

SEDG stock opened at $13.53 on Thursday. SolarEdge Technologies has a 52-week low of $12.38 and a 52-week high of $103.15. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The firm has a market cap of $775.27 million, a P/E ratio of -0.47 and a beta of 1.59. The company’s 50-day simple moving average is $19.12 and its 200-day simple moving average is $30.89.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate 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 158.19% and a negative return on equity of 56.32%. The firm’s revenue for the quarter was down 73.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.06 earnings per share. As a group, equities analysts forecast that SolarEdge Technologies will post -8.85 EPS for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC purchased a new position in shares of SolarEdge Technologies during the 2nd quarter worth approximately $28,000. EntryPoint Capital LLC purchased a new position in shares of SolarEdge Technologies during the first quarter worth $64,000. KBC Group NV grew its stake in shares of SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 1,378 shares in the last quarter. First Pacific Financial raised its holdings in shares of SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after buying an additional 1,805 shares during the period. Finally, US Bancorp DE lifted its stake in SolarEdge Technologies by 243.6% during the 3rd 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 in the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.