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

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

Other equities analysts have also issued reports about the stock. Roth Mkm cut their price target on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Morgan Stanley reissued an “underweight” rating and set a $9.00 price objective (down from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Citigroup reissued a “sell” rating and set a $9.00 price objective (down from $12.00) on shares of SolarEdge Technologies in a report on Wednesday. The Goldman Sachs Group boosted their price objective on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday. Finally, TD Cowen dropped their price objective on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. Eight equities research analysts have rated the stock with a sell rating, eighteen have assigned 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.com, SolarEdge Technologies currently has an average rating of “Hold” and an average price target of $21.16.

SolarEdge Technologies Price Performance

NASDAQ SEDG opened at $14.99 on Wednesday. The firm’s fifty day simple moving average is $14.09 and its two-hundred day simple moving average is $19.92. 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 12-month low of $10.24 and a 12-month high of $87.98. The firm has a market capitalization of $868.67 million, a P/E ratio of -0.52 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $272.80 million. During the same period in the prior year, the firm posted ($1.03) earnings per share. SolarEdge Technologies’s revenue for the quarter was down 64.0% compared to the same quarter last year. Analysts forecast that SolarEdge Technologies will post -19.18 EPS for the current fiscal year.

Insider Buying and Selling

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the business’s stock in a transaction on Monday, November 11th. The stock was bought at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now owns 244,478 shares in the company, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently bought and sold shares of the business. 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 during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of SolarEdge Technologies by 5.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock valued at $534,000 after buying an additional 1,175 shares during the period. KBC Group NV grew 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 valued at $65,000 after buying an additional 1,378 shares during the period. ProShare Advisors LLC grew its stake in shares of SolarEdge Technologies by 15.6% in the 2nd quarter. ProShare Advisors LLC now owns 11,599 shares of the semiconductor company’s stock valued at $293,000 after buying an additional 1,569 shares during the period. Finally, Ensign Peak Advisors Inc grew its stake in shares of 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. Institutional investors and hedge funds own 95.10% of the company’s stock.

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.