SolarEdge Technologies (NASDAQ:SEDG) Price Target Raised to $24.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price raised by Wells Fargo & Company from $15.00 to $24.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the semiconductor company’s stock.

Several other equities research analysts also recently weighed in on the company. BNP Paribas upgraded SolarEdge Technologies to a “strong sell” rating in a report on Wednesday, July 16th. Morgan Stanley restated an “underweight” rating and set a $10.00 price objective on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Roth Capital raised their price objective on SolarEdge Technologies from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, August 5th. Northland Securities upgraded SolarEdge Technologies from an “under perform” rating to a “market perform” rating and set a $15.50 price objective on the stock in a report on Friday, May 23rd. Finally, Guggenheim restated a “sell” rating and set a $5.00 price objective on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating and eighteen have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $17.70.

SolarEdge Technologies Trading Up 2.1%

Shares of NASDAQ SEDG opened at $24.94 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.42 and a current ratio of 1.94. The business’s 50 day moving average price is $23.27 and its 200-day moving average price is $18.24. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $32.45. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -0.83 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Thursday, August 7th. The semiconductor company reported ($0.81) earnings per share for the quarter, hitting the consensus estimate of ($0.81). SolarEdge Technologies had a negative return on equity of 191.53% and a negative net margin of 177.64%. The firm had revenue of $289.43 million for the quarter, compared to the consensus estimate of $270.03 million. During the same period in the prior year, the business posted ($1.79) earnings per share. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, sell-side analysts expect that SolarEdge Technologies will post -4.54 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SEDG. Fifth Third Bancorp grew its stake in SolarEdge Technologies by 93.7% during the 1st quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company’s stock worth $26,000 after buying an additional 790 shares during the last quarter. Edmond DE Rothschild Holding S.A. grew its stake in SolarEdge Technologies by 60.0% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company’s stock worth $26,000 after buying an additional 600 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in SolarEdge Technologies during the 1st quarter worth $35,000. Public Employees Retirement System of Ohio grew its stake in SolarEdge Technologies by 21.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,868 shares of the semiconductor company’s stock worth $59,000 after buying an additional 508 shares during the last quarter. Finally, Spire Wealth Management lifted its position in SolarEdge Technologies by 706.3% during the 2nd quarter. Spire Wealth Management now owns 3,185 shares of the semiconductor company’s stock worth $65,000 after acquiring an additional 2,790 shares during the period. 95.10% of the stock is currently owned by hedge funds and other 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.