SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $15.00 by Analysts at Wells Fargo & Company

SolarEdge Technologies (NASDAQ:SEDG) had its price target lowered by equities researchers at Wells Fargo & Company from $19.00 to $15.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s target price would indicate a potential downside of 5.36% from the company’s current price.

A number of other research firms also recently commented on SEDG. TD Cowen dropped their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, November 7th. Susquehanna cut their price target on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Canaccord Genuity Group boosted their price objective on shares of SolarEdge Technologies from $16.00 to $18.00 and gave the company a “hold” rating in a report on Tuesday. Royal Bank of Canada cut their target price on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 15th. Finally, Glj Research upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. Eight investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $21.16.

SolarEdge Technologies Trading Down 9.9 %

SolarEdge Technologies stock traded down $1.74 during trading hours on Wednesday, reaching $15.85. 2,033,531 shares of the company’s stock traded hands, compared to its average volume of 5,121,924. The firm has a market capitalization of $918.51 million, a price-to-earnings ratio of -0.55 and a beta of 1.56. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $87.98. The firm’s 50 day moving average is $14.13 and its 200-day moving average is $19.95.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The business had revenue of $260.90 million during 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 company’s quarterly revenue was down 64.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.03) earnings per share. On average, analysts predict that SolarEdge Technologies will post -19.18 earnings per share for the current year.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery purchased 156,000 shares of the stock in a transaction on Monday, November 11th. The shares were purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares in the company, 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 Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. AMG National Trust Bank acquired a new stake in SolarEdge Technologies during the third quarter worth approximately $4,055,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in SolarEdge Technologies by 683.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after purchasing an additional 220,304 shares during the period. Mizuho Markets Americas LLC grew its holdings in SolarEdge Technologies by 653.4% in the 3rd quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock valued at $4,315,000 after buying an additional 163,340 shares in the last quarter. Meitav Investment House Ltd. lifted its holdings in shares of SolarEdge Technologies by 9.6% during the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after buying an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of SolarEdge Technologies in the third quarter valued at about $1,495,000. 95.10% of the stock is 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.