Wells Fargo & Company Boosts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $19.00

SolarEdge Technologies (NASDAQ:SEDG) had its price objective raised by Wells Fargo & Company from $15.00 to $19.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the semiconductor company’s stock.

Other research analysts also recently issued research reports about the company. Bank of America downgraded SolarEdge Technologies from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $21.00 to $14.00 in a research note on Thursday, November 7th. Citigroup decreased their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. UBS Group reduced their target price on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Truist Financial dropped their price target on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a research report on Friday, November 8th. Finally, TD Cowen lowered their target price on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, November 7th. Seven research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $21.72.

SolarEdge Technologies Stock Performance

SEDG stock opened at $17.59 on Tuesday. The business has a 50 day moving average of $14.13 and a 200-day moving average of $19.95. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $87.98. The firm has a market cap of $1.02 billion, a PE ratio of -0.61 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The company had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. SolarEdge Technologies’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.03) EPS. As a group, sell-side analysts expect that SolarEdge Technologies will post -19.18 earnings per share for the current year.

Insider Activity at SolarEdge Technologies

In other news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction on Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the purchase, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP purchased a new position in shares of SolarEdge Technologies in the second quarter worth $36,627,000. Two Sigma Advisers LP increased its holdings in SolarEdge Technologies by 0.3% in the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after acquiring an additional 3,400 shares in the last quarter. M&G PLC raised its stake in SolarEdge Technologies by 4.2% during the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock worth $21,452,000 after acquiring an additional 38,001 shares during the period. Geode Capital Management LLC increased its stake in shares of SolarEdge Technologies by 3.7% in the third quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after purchasing an additional 25,474 shares in the last quarter. Finally, Meitav Investment House Ltd. lifted its stake in shares of SolarEdge Technologies by 9.6% during the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after buying an additional 51,065 shares in the last quarter. Institutional investors 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.