Wells Fargo & Company Issues Positive Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its target price increased by Wells Fargo & Company from $15.00 to $19.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

A number of other equities research analysts have also commented on the stock. Roth Mkm lowered their price target on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Bank of America lowered SolarEdge Technologies from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $21.00 to $14.00 in a research report on Thursday, November 7th. Citigroup cut their price objective on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. StockNews.com upgraded SolarEdge Technologies to a “sell” rating in a report on Friday, November 8th. Finally, Truist Financial decreased their price objective on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a report on Friday, November 8th. Eight equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $21.16.

SolarEdge Technologies Price Performance

Shares of SolarEdge Technologies stock opened at $14.99 on Tuesday. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $87.98. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The business’s 50-day moving average price is $14.05 and its 200-day moving average price is $19.88. The firm has a market capitalization of $868.67 million, a PE ratio of -0.52 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results 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). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same period in the prior year, the firm earned ($1.03) earnings per share. The business’s revenue for the quarter was down 64.0% on a year-over-year basis. Sell-side analysts forecast that SolarEdge Technologies will post -19.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction 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 purchase, the chairman now owns 244,478 shares in the company, valued at approximately $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 this link. 0.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently modified their holdings of SEDG. KBC Group NV lifted its stake 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 worth $65,000 after purchasing an additional 1,378 shares during the period. GAMMA Investing LLC increased 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 worth $72,000 after buying an additional 4,567 shares in the last quarter. US Bancorp DE lifted its position in shares of SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after buying an additional 4,834 shares in the last quarter. GFG Capital LLC purchased a new position in shares of SolarEdge Technologies during the 3rd quarter valued at about $229,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of SolarEdge Technologies during the 3rd quarter valued at approximately $278,000. 95.10% of the stock is currently 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.