SolarEdge Technologies (NASDAQ:SEDG) PT Lowered to $124.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target trimmed by B. Riley from $133.00 to $124.00 in a report published on Monday, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock. B. Riley also issued estimates for SolarEdge Technologies’ Q1 2024 earnings at ($1.75) EPS, Q2 2024 earnings at ($1.47) EPS, Q3 2024 earnings at ($1.00) EPS, Q4 2024 earnings at ($0.17) EPS, FY2024 earnings at ($4.38) EPS and FY2025 earnings at $2.03 EPS.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada reduced their target price on shares of SolarEdge Technologies from $85.00 to $77.00 and set a sector perform rating on the stock in a research note on Wednesday, February 21st. Janney Montgomery Scott downgraded shares of SolarEdge Technologies from a buy rating to a neutral rating in a research note on Friday, March 22nd. TD Cowen reduced their target price on shares of SolarEdge Technologies from $120.00 to $100.00 and set an outperform rating on the stock in a research note on Wednesday, February 21st. The Goldman Sachs Group reduced their target price on shares of SolarEdge Technologies from $83.00 to $71.00 and set a sell rating on the stock in a research note on Wednesday, January 24th. Finally, DZ Bank initiated coverage on shares of SolarEdge Technologies in a research note on Wednesday, April 17th. They issued a hold rating and a $62.00 price target on the stock. Four analysts have rated the stock with a sell rating, twenty-one have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $98.38.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock opened at $56.61 on Monday. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 125.80 and a beta of 1.51. The firm’s fifty day moving average is $67.93 and its 200 day moving average is $78.13. The company has a quick ratio of 2.08, a current ratio of 3.70 and a debt-to-equity ratio of 0.28. SolarEdge Technologies has a 52-week low of $53.59 and a 52-week high of $315.34.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.01) by $0.60. SolarEdge Technologies had a net margin of 1.15% and a return on equity of 5.00%. The company had revenue of $316.04 million for the quarter, compared to the consensus estimate of $319.97 million. Sell-side analysts forecast that SolarEdge Technologies will post -4.6 EPS for the current fiscal year.

Insider Activity

In other news, Director More Avery purchased 7,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were acquired at an average cost of $67.75 per share, for a total transaction of $474,250.00. Following the acquisition, the director now owns 77,446 shares of the company’s stock, valued at $5,246,966.50. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.17% of the company’s stock.

Institutional Trading of SolarEdge Technologies

A number of institutional investors have recently modified their holdings of SEDG. Baillie Gifford & Co. boosted its holdings in shares of SolarEdge Technologies by 89.3% in the 3rd quarter. Baillie Gifford & Co. now owns 1,770,501 shares of the semiconductor company’s stock valued at $229,298,000 after buying an additional 835,290 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in shares of SolarEdge Technologies by 108.5% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,495,069 shares of the semiconductor company’s stock valued at $193,626,000 after buying an additional 778,034 shares in the last quarter. Invenomic Capital Management LP acquired a new stake in SolarEdge Technologies in the 4th quarter worth approximately $42,644,000. Norges Bank acquired a new stake in SolarEdge Technologies in the 4th quarter worth approximately $39,547,000. Finally, Impax Asset Management Group plc boosted its stake in SolarEdge Technologies by 46.3% in the 3rd quarter. Impax Asset Management Group plc now owns 939,386 shares of the semiconductor company’s stock worth $121,067,000 after purchasing an additional 297,089 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

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.