SolarEdge Technologies’ (SEDG) “Underweight” Rating Reaffirmed at KeyCorp

KeyCorp reiterated their underweight rating on shares of SolarEdge Technologies (NASDAQ:SEDG) in a research report released on Tuesday morning, Marketbeat.com reports. KeyCorp currently has a $16.00 target price on the semiconductor company’s stock.

Several other research firms have also weighed in on SEDG. JPMorgan Chase & Co. cut their target price on SolarEdge Technologies from $20.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. The Goldman Sachs Group raised their price objective on SolarEdge Technologies from $21.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Guggenheim reaffirmed a “sell” rating and set a $5.00 target price on shares of SolarEdge Technologies in a research report on Wednesday, April 23rd. Piper Sandler increased their price target on SolarEdge Technologies from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Finally, Northland Securities upgraded shares of SolarEdge Technologies from an “under perform” rating to a “market perform” rating and set a $15.50 price objective for the company in a research note on Friday, May 23rd. Twelve equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and a consensus target price of $16.96.

SolarEdge Technologies Stock Down 33.4%

SEDG opened at $15.96 on Tuesday. The company has a market capitalization of $942.28 million, a PE ratio of -0.53 and a beta of 1.59. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.04 and a quick ratio of 1.39. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $38.48. The business has a 50-day moving average of $16.35 and a 200-day moving average of $15.51.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.26) by $0.12. The firm had revenue of $219.48 million for the quarter, compared to analyst estimates of $205.39 million. SolarEdge Technologies had a negative net margin of 182.81% and a negative return on equity of 127.53%. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned ($1.90) earnings per share. Equities research analysts forecast that SolarEdge Technologies will post -4.54 EPS for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Large investors have recently modified their holdings of the stock. Point72 Asset Management L.P. acquired a new stake in SolarEdge Technologies in the 4th quarter valued at $17,909,000. Ion Asset Management Ltd. boosted its stake in shares of SolarEdge Technologies by 135.9% in the 1st quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company’s stock valued at $33,695,000 after purchasing an additional 1,199,801 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of SolarEdge Technologies by 10,038.2% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,109,225 shares of the semiconductor company’s stock worth $17,945,000 after purchasing an additional 1,098,284 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of SolarEdge Technologies by 14.9% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock worth $67,370,000 after purchasing an additional 641,915 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in SolarEdge Technologies by 67.6% during the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company’s stock valued at $17,262,000 after purchasing an additional 512,035 shares during the last quarter. 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.