SolarEdge Technologies (NASDAQ:SEDG) Given New $19.00 Price Target at JPMorgan Chase & Co.

SolarEdge Technologies (NASDAQ:SEDG) had its target price cut by research analysts at JPMorgan Chase & Co. from $21.00 to $19.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 46.95% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Guggenheim upgraded shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Piper Sandler lowered shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $17.00 to $9.00 in a research note on Thursday, November 7th. BMO Capital Markets cut their target price on SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a report on Thursday, November 7th. TD Cowen decreased their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. Finally, Morgan Stanley reissued an “underweight” rating and set a $9.00 price objective (down previously from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus price target of $20.84.

SolarEdge Technologies Trading Down 0.9 %

Shares of SEDG traded down $0.12 during midday trading on Thursday, hitting $12.93. The stock had a trading volume of 2,043,774 shares, compared to its average volume of 4,396,436. The business has a 50-day simple moving average of $13.87 and a two-hundred day simple moving average of $19.10. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week 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 firm has a market cap of $749.29 million, a P/E ratio of -0.45 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) 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 company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. During the same quarter in the prior year, the business posted ($1.03) earnings per share. The business’s revenue for the quarter was down 64.0% compared to the same quarter last year. As a group, equities analysts forecast that SolarEdge Technologies will post -23.2 EPS for the current year.

Insider Activity at SolarEdge Technologies

In other news, Chairman More Avery acquired 156,000 shares of the firm’s stock in a transaction that occurred 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 completion of the acquisition, the chairman now 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently modified their holdings of SEDG. Quarry LP bought a new position in SolarEdge Technologies during the second quarter worth about $36,627,000. Two Sigma Advisers LP lifted its position in SolarEdge Technologies by 0.3% during the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after acquiring an additional 3,400 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of SolarEdge Technologies by 0.8% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,011,760 shares of the semiconductor company’s stock valued at $13,760,000 after purchasing an additional 8,079 shares during the last quarter. M&G PLC lifted its holdings in SolarEdge Technologies by 4.2% during the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock worth $21,452,000 after purchasing an additional 38,001 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in SolarEdge Technologies by 182.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock valued at $11,888,000 after purchasing an additional 564,490 shares during the period. 95.10% of the stock is currently 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.