SolarEdge Technologies’ (SEDG) “Hold” Rating Reaffirmed at TD Cowen

TD Cowen restated their hold rating on shares of SolarEdge Technologies (NASDAQ:SEDG) in a research note released on Monday morning, MarketBeat.com reports. They currently have a $16.00 price objective on the semiconductor company’s stock, down from their prior price objective of $35.00.

Other analysts have also issued reports about the company. Susquehanna decreased their price target on SolarEdge Technologies from $24.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 16th. Canaccord Genuity Group lowered their target price on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a report on Thursday, August 8th. William Blair assumed coverage on shares of SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating for the company. Barclays lowered their price objective on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating for the company in a research note on Friday, October 11th. Finally, Wells Fargo & Company dropped their price objective on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 2nd. Seven analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $31.52.

SolarEdge Technologies Stock Performance

Shares of SEDG opened at $15.26 on Monday. SolarEdge Technologies has a 1 year low of $14.82 and a 1 year high of $103.15. The company’s 50 day simple moving average is $21.22 and its 200 day simple moving average is $34.44. The company has a market capitalization of $874.10 million, a price-to-earnings ratio of -3.28 and a beta of 1.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The business had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. During the same period in the prior year, the company earned $2.06 EPS. The company’s revenue for the quarter was down 73.2% compared to the same quarter last year. On average, sell-side analysts predict that SolarEdge Technologies will post -8.78 EPS for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds have recently bought and sold shares of SEDG. International Assets Investment Management LLC acquired a new position in shares of SolarEdge Technologies in the 2nd quarter valued at approximately $28,000. GAMMA Investing LLC boosted its stake in SolarEdge Technologies by 90.0% during the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 289 shares during the last quarter. EntryPoint Capital LLC acquired a new position in SolarEdge Technologies during the 1st quarter worth $64,000. Hexagon Capital Partners LLC increased its position in shares of SolarEdge Technologies by 120.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after purchasing an additional 610 shares during the last quarter. Finally, First Pacific Financial raised its stake in shares of SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 1,805 shares in the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

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.