Analysts Offer Predictions for SolarEdge Technologies, Inc.’s Q1 2024 Earnings (NASDAQ:SEDG)

SolarEdge Technologies, Inc. (NASDAQ:SEDG) – Equities research analysts at B. Riley dropped their Q1 2024 EPS estimates for SolarEdge Technologies in a research report issued on Monday, April 22nd. B. Riley analyst C. Souther now expects that the semiconductor company will post earnings per share of ($1.75) for the quarter, down from their previous forecast of ($1.23). B. Riley currently has a “Buy” rating and a $124.00 price target on the stock. The consensus estimate for SolarEdge Technologies’ current full-year earnings is ($4.17) per share. B. Riley also issued estimates for SolarEdge Technologies’ 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.

A number of other brokerages have also recently issued reports on SEDG. Barclays lifted their target price on shares of SolarEdge Technologies from $50.00 to $61.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 16th. Canaccord Genuity Group restated a “hold” rating and set a $75.00 target price on shares of SolarEdge Technologies in a research report on Wednesday, February 21st. Truist Financial cut their target price on shares of SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating for the company in a research report on Thursday, February 22nd. Piper Sandler cut their target price on shares of SolarEdge Technologies from $105.00 to $77.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Finally, BMO Capital Markets cut their target price on shares of SolarEdge Technologies from $85.00 to $80.00 and set a “market perform” rating for the company in a research report on Wednesday, February 21st. Four investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus price target of $98.38.

SolarEdge Technologies Stock Down 2.2 %

Shares of NASDAQ SEDG opened at $56.61 on Thursday. The company has a quick ratio of 2.08, a current ratio of 3.70 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 125.80 and a beta of 1.51. The firm has a 50-day moving average price of $67.93 and a 200 day moving average price of $78.13. SolarEdge Technologies has a 52 week low of $53.59 and a 52 week high of $315.34.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Tuesday, February 20th. The semiconductor company reported ($1.41) EPS for the quarter, beating the consensus estimate of ($2.01) by $0.60. SolarEdge Technologies had a net margin of 1.15% and a return on equity of 5.00%. The firm had revenue of $316.04 million during the quarter, compared to analysts’ expectations of $319.97 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Yelin Lapidot Holdings Management Ltd. lifted its position in shares of SolarEdge Technologies by 0.6% during the fourth quarter. Yelin Lapidot Holdings Management Ltd. now owns 21,513 shares of the semiconductor company’s stock worth $2,014,000 after purchasing an additional 130 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its position in shares of SolarEdge Technologies by 9.4% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,684 shares of the semiconductor company’s stock worth $218,000 after purchasing an additional 145 shares in the last quarter. Liberty One Investment Management LLC lifted its position in shares of SolarEdge Technologies by 4.2% during the fourth quarter. Liberty One Investment Management LLC now owns 3,683 shares of the semiconductor company’s stock worth $345,000 after purchasing an additional 148 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of SolarEdge Technologies by 194.7% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 183 shares in the last quarter. Finally, South Street Advisors LLC lifted its position in shares of SolarEdge Technologies by 2.9% during the third quarter. South Street Advisors LLC now owns 6,512 shares of the semiconductor company’s stock worth $843,000 after purchasing an additional 185 shares in the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, Director More Avery purchased 7,000 shares of SolarEdge Technologies stock in a transaction on Thursday, February 29th. The shares were purchased at an average cost of $67.75 per share, with a total value of $474,250.00. Following the completion of the transaction, the director now directly owns 77,446 shares in the company, valued at approximately $5,246,966.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.17% of the stock is currently owned by corporate insiders.

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.