The Goldman Sachs Group Forecasts Strong Price Appreciation for SolarEdge Technologies (NASDAQ:SEDG) Stock

SolarEdge Technologies (NASDAQ:SEDG) had its price target increased by analysts at The Goldman Sachs Group from $19.00 to $21.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. The Goldman Sachs Group’s target price points to a potential upside of 20.69% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Barclays dropped their price objective on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a research report on Friday, November 15th. Royal Bank of Canada decreased their price objective on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a report on Tuesday, October 15th. Glj Research raised shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. StockNews.com raised shares of SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Finally, Mizuho cut SolarEdge Technologies from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $35.00 to $11.00 in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, SolarEdge Technologies has an average rating of “Hold” and an average price target of $22.48.

SolarEdge Technologies Price Performance

NASDAQ SEDG opened at $17.40 on Tuesday. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -0.60 and a beta of 1.56. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The company has a 50 day simple moving average of $14.12 and a 200-day simple moving average of $20.06. SolarEdge Technologies has a 52-week low of $10.24 and a 52-week high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same period in the prior year, the firm earned ($1.03) earnings per share. The business’s quarterly revenue was down 64.0% on a year-over-year basis. Equities research analysts predict that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal year.

Insider Activity

In related news, Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was acquired at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the acquisition, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds have recently bought and sold shares of SEDG. Bank of New York Mellon Corp boosted its stake in shares of SolarEdge Technologies by 23.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 357,830 shares of the semiconductor company’s stock worth $9,039,000 after buying an additional 68,444 shares during the last quarter. Rhumbline Advisers raised its stake in SolarEdge Technologies by 3.6% in the 2nd quarter. Rhumbline Advisers now owns 104,092 shares of the semiconductor company’s stock valued at $2,629,000 after acquiring an additional 3,572 shares during the period. Quest Partners LLC purchased a new stake in shares of SolarEdge Technologies during the second quarter worth $294,000. Dimensional Fund Advisors LP lifted its holdings in shares of SolarEdge Technologies by 42.6% in the second quarter. Dimensional Fund Advisors LP now owns 151,099 shares of the semiconductor company’s stock worth $3,817,000 after buying an additional 45,130 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in SolarEdge Technologies during the second quarter valued at $4,391,000. 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.