Truist Financial Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $14.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target lowered by Truist Financial from $15.00 to $14.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has a hold rating on the semiconductor company’s stock.

A number of other research firms also recently issued reports on SEDG. Guggenheim upgraded shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a report on Wednesday, November 20th. TD Cowen cut 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 report on Thursday, November 7th. Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $21.00 to $14.00 in a report on Thursday, November 7th. Barclays upped their target price on SolarEdge Technologies from $7.00 to $10.00 and gave the stock an “underweight” rating in a report on Tuesday. Finally, Citigroup restated a “sell” rating and issued a $9.00 price target (down from $12.00) on shares of SolarEdge Technologies in a research note on Wednesday, January 8th. Eight investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and an average target price of $21.24.

SolarEdge Technologies Price Performance

Shares of NASDAQ SEDG opened at $14.21 on Thursday. The company has a fifty day moving average price of $13.81 and a 200 day moving average price of $19.45. The firm has a market cap of $823.47 million, a PE ratio of -0.49 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a 1-year low of $10.24 and a 1-year high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG) last posted 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). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. During the same period in the prior year, the company earned ($1.03) earnings per share. The firm’s quarterly revenue was down 64.0% on a year-over-year basis. Research analysts predict that SolarEdge Technologies will post -23.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were purchased at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the transaction, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.67% of the stock is owned by insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors have recently made changes to their positions in SEDG. Bank Hapoalim BM raised its holdings in SolarEdge Technologies by 2.5% in the 3rd quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after acquiring an additional 812 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in SolarEdge Technologies by 5.9% in the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock valued at $534,000 after purchasing an additional 1,175 shares in the last quarter. KBC Group NV lifted its position in SolarEdge Technologies by 95.8% during the third 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. ProShare Advisors LLC grew its stake in SolarEdge Technologies by 15.6% during the second quarter. ProShare Advisors LLC now owns 11,599 shares of the semiconductor company’s stock worth $293,000 after buying an additional 1,569 shares in the last quarter. Finally, Ensign Peak Advisors Inc increased its holdings in SolarEdge Technologies by 10.5% in the 2nd quarter. Ensign Peak Advisors Inc now owns 18,491 shares of the semiconductor company’s stock valued at $467,000 after buying an additional 1,750 shares during the period. 95.10% of the stock is currently owned by 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.