Canaccord Genuity Group Increases SolarEdge Technologies (NASDAQ:SEDG) Price Target to $18.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target upped by equities researchers at Canaccord Genuity Group from $16.00 to $18.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 20.08% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. Barclays decreased their target price on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. Mizuho downgraded SolarEdge Technologies from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $35.00 to $11.00 in a report on Thursday, November 7th. BMO Capital Markets reduced their target price on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research note on Thursday, November 7th. Jefferies Financial Group lowered shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $27.00 to $17.00 in a research note on Tuesday, September 17th. Finally, The Goldman Sachs Group lifted their price objective on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday. Eight investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, SolarEdge Technologies presently has an average rating of “Hold” and an average target price of $21.16.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG opened at $14.99 on Tuesday. SolarEdge Technologies has a 52-week low of $10.24 and a 52-week high of $87.98. The stock has a market capitalization of $868.67 million, a price-to-earnings ratio of -0.52 and a beta of 1.56. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The stock’s fifty day simple moving average is $14.09 and its 200 day simple moving average is $19.92.

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). The firm had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm’s revenue was down 64.0% compared to the same quarter last year. During the same quarter last year, the company posted ($1.03) EPS. As a group, sell-side analysts forecast that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal 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 bought at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the transaction, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in SolarEdge Technologies by 655.2% during the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after buying an additional 4,567 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of SolarEdge Technologies by 19.7% during the 3rd quarter. Tidal Investments LLC now owns 63,862 shares of the semiconductor company’s stock worth $1,463,000 after acquiring an additional 10,515 shares during the period. Geode Capital Management LLC boosted its position in shares of SolarEdge Technologies by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock valued at $16,227,000 after acquiring an additional 25,474 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in SolarEdge Technologies in the third quarter valued at about $278,000. Finally, Two Sigma Advisers LP raised its position in SolarEdge Technologies by 0.3% in the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after purchasing an additional 3,400 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.