Wells Fargo & Company Issues Pessimistic Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its target price decreased by Wells Fargo & Company from $19.00 to $15.00 in a research note published on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the semiconductor company’s stock.

A number of other research firms have also issued reports on SEDG. Truist Financial reduced their target price on shares of SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, January 16th. Royal Bank of Canada boosted their price target on SolarEdge Technologies from $14.00 to $15.00 and gave the company a “sector perform” rating in a research report on Thursday, February 20th. Northland Capmk upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, April 25th. Northland Securities upgraded SolarEdge Technologies from an “under perform” rating to a “market perform” rating and set a $12.50 target price for the company in a research note on Friday, April 25th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $10.00 price target on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Ten analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $16.52.

SolarEdge Technologies Price Performance

Shares of NASDAQ SEDG opened at $14.78 on Wednesday. The firm has a market capitalization of $872.54 million, a P/E ratio of -0.47 and a beta of 1.50. SolarEdge Technologies has a one year low of $10.24 and a one year high of $58.54. The company’s fifty day moving average is $14.54 and its two-hundred day moving average is $14.64. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.46 and a current ratio of 1.95.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.12. The company had revenue of $219.48 million for the quarter, compared to the consensus estimate of $205.39 million. SolarEdge Technologies had a negative return on equity of 95.05% and a negative net margin of 192.13%. SolarEdge Technologies’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.90) earnings per share. Analysts forecast that SolarEdge Technologies will post -4.54 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman More Avery acquired 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were acquired at an average cost of $13.70 per share, for a total transaction of $411,000.00. Following the completion of the purchase, the chairman now directly owns 274,478 shares in the company, valued at $3,760,348.60. This trade represents a 12.27 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SEDG. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in SolarEdge Technologies by 14.9% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock valued at $67,370,000 after acquiring an additional 641,915 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of SolarEdge Technologies by 5.0% during the fourth quarter. Invesco Ltd. now owns 2,445,164 shares of the semiconductor company’s stock worth $33,254,000 after purchasing an additional 116,809 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of SolarEdge Technologies during the 4th quarter valued at $17,909,000. Legal & General Group Plc increased its position in SolarEdge Technologies by 67.6% in the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company’s stock worth $17,262,000 after purchasing an additional 512,035 shares during the last quarter. Finally, Two Sigma Investments LP increased its holdings in SolarEdge Technologies by 1.3% in the fourth quarter. Two Sigma Investments LP now owns 1,254,397 shares of the semiconductor company’s stock worth $17,060,000 after buying an additional 16,258 shares during the last quarter. 95.10% of the stock is currently owned by 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.