BMO Capital Markets Has Lowered Expectations for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its price objective decreased by BMO Capital Markets from $31.00 to $28.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “underperform” rating on the semiconductor company’s stock. BMO Capital Markets’ price objective indicates a potential downside of 15.09% from the company’s current price.

A number of other research analysts have also commented on the company. Wells Fargo & Company initiated coverage on SolarEdge Technologies in a research report on Monday, June 29th. They issued an “equal weight” rating and a $36.00 target price for the company. Royal Bank Of Canada lifted their price target on shares of SolarEdge Technologies from $24.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday, September 11th. The Goldman Sachs Group lowered their price target on shares of SolarEdge Technologies from $34.00 to $30.00 and set a “sell” rating on the stock in a report on Thursday, August 6th. Weiss Ratings upgraded shares of SolarEdge Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Finally, UBS Group upgraded shares of SolarEdge Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $36.00 to $42.00 in a research note on Wednesday, August 26th. Two investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $38.53.

SolarEdge Technologies Stock Performance

SolarEdge Technologies stock traded up $0.62 during trading hours on Wednesday, hitting $32.98. The stock had a trading volume of 889,348 shares, compared to its average volume of 3,371,332. The company has a 50-day moving average of $32.90 and a two-hundred day moving average of $44.54. The company has a quick ratio of 1.38, a current ratio of 2.03 and a debt-to-equity ratio of 0.85. SolarEdge Technologies has a fifty-two week low of $28.21 and a fifty-two week high of $81.25. The company has a market cap of $2.03 billion, a PE ratio of -7.33 and a beta of 1.44.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07. The company had revenue of $346.20 million for the quarter, compared to analyst estimates of $341.15 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. SolarEdge Technologies’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.81) EPS. On average, equities research analysts anticipate that SolarEdge Technologies will post -1.20 EPS for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Several large investors have recently modified their holdings of the stock. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of SolarEdge Technologies during the 2nd quarter worth approximately $55,514,000. Bank of America Corp DE boosted its stake in SolarEdge Technologies by 218.6% in the 1st quarter. Bank of America Corp DE now owns 404,297 shares of the semiconductor company’s stock valued at $20,639,000 after buying an additional 277,385 shares in the last quarter. Legal & General Group Plc acquired a new stake in SolarEdge Technologies in the 2nd quarter valued at $76,095,000. Handelsbanken Fonder AB grew its position in SolarEdge Technologies by 16.6% in the second quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company’s stock valued at $71,905,000 after acquiring an additional 175,281 shares during the period. Finally, Man Group plc bought a new stake in SolarEdge Technologies in the second quarter valued at $6,540,000. 95.10% of the stock is currently owned by institutional investors.

About SolarEdge Technologies

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.