UBS Group Lowers SolarEdge Technologies (NASDAQ:SEDG) Price Target to $18.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target cut by research analysts at UBS Group from $26.00 to $18.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. UBS Group’s price target would indicate a potential upside of 32.45% from the company’s current price.

SEDG has been the subject of a number of other reports. Glj Research downgraded SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. Morgan Stanley lowered their price target on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, October 8th. Piper Sandler cut shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $17.00 to $9.00 in a report on Thursday. Citigroup lowered their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, Guggenheim lowered shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price target on the stock. in a research note on Thursday, October 17th. Nine investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $23.79.

SolarEdge Technologies Stock Down 8.7 %

SolarEdge Technologies stock traded down $1.29 during trading on Friday, reaching $13.59. The stock had a trading volume of 3,706,490 shares, compared to its average volume of 3,453,928. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. SolarEdge Technologies has a 52-week low of $12.38 and a 52-week high of $103.15. The stock has a market cap of $778.71 million, a PE ratio of -0.46 and a beta of 1.59. The business has a 50 day moving average price of $19.34 and a 200 day moving average price of $31.18.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data 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). The firm had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 56.32%. SolarEdge Technologies’s revenue for the quarter was down 73.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.06 earnings per share. On average, analysts predict that SolarEdge Technologies will post -8.85 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently modified their holdings of SEDG. Trillium Asset Management LLC grew its stake in shares of SolarEdge Technologies by 1.6% during the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock worth $1,960,000 after purchasing an additional 427 shares during the period. Yelin Lapidot Holdings Management Ltd. grew its position in SolarEdge Technologies by 5.1% during the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock worth $294,000 after buying an additional 564 shares during the period. Texas Permanent School Fund Corp increased its holdings in SolarEdge Technologies by 1.2% in the first quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock valued at $3,525,000 after buying an additional 585 shares in the last quarter. Swiss National Bank lifted its position in shares of SolarEdge Technologies by 0.5% during the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock valued at $7,957,000 after acquiring an additional 600 shares during the period. Finally, Louisiana State Employees Retirement System boosted its stake in shares of SolarEdge Technologies by 2.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock worth $727,000 after acquiring an additional 700 shares in the last quarter. 95.10% of the stock is 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.