Canaccord Genuity Group Forecasts Strong Price Appreciation for SolarEdge Technologies (NASDAQ:SEDG) Stock

SolarEdge Technologies (NASDAQ:SEDG) had its price target increased by Canaccord Genuity Group from $16.00 to $18.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the semiconductor company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 2.10% from the company’s previous close.

SEDG has been the topic of several other research reports. Barclays lowered their target price on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a research note on Friday, November 15th. Guggenheim upgraded shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Roth Mkm decreased their target price on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. TD Cowen dropped their price target on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, November 7th. Finally, Glj Research raised SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. Seven equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $21.72.

SolarEdge Technologies Trading Up 8.2 %

Shares of SEDG stock traded up $1.34 during trading hours on Tuesday, reaching $17.63. 6,305,246 shares of the stock traded hands, compared to its average volume of 5,598,692. 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 has a market capitalization of $1.02 billion, a PE ratio of -0.61 and a beta of 1.56. SolarEdge Technologies has a 1-year low of $10.24 and a 1-year high of $87.98. The business has a fifty day moving average price of $14.12 and a 200 day moving average price of $20.06.

SolarEdge Technologies (NASDAQ:SEDG) last released its 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 business had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. During the same quarter in the previous year, the company earned ($1.03) EPS. SolarEdge Technologies’s revenue for the quarter was down 64.0% on a year-over-year basis. On average, equities research analysts forecast that SolarEdge Technologies will post -19.18 EPS for the current year.

Insider Activity

In other news, Chairman More Avery bought 156,000 shares of the business’s stock in a transaction that occurred on 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 trade represents a 176.32 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.67% of the stock is owned by company insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. KBC Group NV lifted its holdings in shares of SolarEdge Technologies by 95.8% during the third 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. GAMMA Investing LLC boosted its position in SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock valued at $72,000 after buying an additional 4,567 shares in the last quarter. US Bancorp DE raised its stake in shares of SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after acquiring an additional 4,834 shares during the last quarter. GFG Capital LLC acquired a new position in shares of SolarEdge Technologies in the 3rd quarter worth approximately $229,000. Finally, Magnetar Financial LLC bought a new stake in SolarEdge Technologies during the 2nd quarter worth approximately $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.