SolarEdge Technologies (NASDAQ:SEDG) Stock Price Target Lowered at Citigroup

SolarEdge Technologies (NASDAQ:SEDG) had its price objective lowered by Citigroup from $30.00 to $24.00 in a report released on Thursday,Benzinga reports. The firm currently has a sell rating on the semiconductor company’s stock.

A number of other equities analysts have also commented on SEDG. BMO Capital Markets cut their price objective on SolarEdge Technologies from $31.00 to $28.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 21st. TD Cowen decreased their target price on shares of SolarEdge Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Susquehanna lowered their price target on shares of SolarEdge Technologies from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Thursday. UBS Group upgraded shares of SolarEdge Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $36.00 to $42.00 in a research report on Wednesday, August 26th. Finally, Wall Street Zen raised shares of SolarEdge Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 1st. Two investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $37.27.

SolarEdge Technologies Stock Down 12.7%

Shares of NASDAQ:SEDG opened at $26.20 on Thursday. The firm has a market cap of $1.61 billion, a P/E ratio of -6.89 and a beta of 1.31. SolarEdge Technologies has a 12-month low of $25.25 and a 12-month high of $81.25. The business has a fifty day simple moving average of $32.77 and a 200 day simple moving average of $42.14. The company has a quick ratio of 1.38, a current ratio of 2.12 and a debt-to-equity ratio of 0.83.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 4th. The semiconductor company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.25. The firm had revenue of $325.40 million for the quarter, compared to analyst estimates of $326.78 million. SolarEdge Technologies had a negative return on equity of 19.80% and a negative net margin of 17.34%. The business’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.31) EPS. Analysts predict that SolarEdge Technologies will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently modified their holdings of SEDG. Legal & General Group Plc acquired a new stake in shares of SolarEdge Technologies during the 2nd quarter worth approximately $76,095,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of SolarEdge Technologies in the 2nd quarter valued at $55,514,000. Bank of America Corp DE lifted its position in shares of SolarEdge Technologies by 218.6% during 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 acquiring an additional 277,385 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of SolarEdge Technologies by 303.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 314,066 shares of the semiconductor company’s stock valued at $16,031,000 after acquiring an additional 236,176 shares during the period. Finally, First Trust Advisors LP boosted its stake in SolarEdge Technologies by 32.6% during the first quarter. First Trust Advisors LP now owns 916,358 shares of the semiconductor company’s stock worth $46,780,000 after acquiring an additional 225,097 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

Key SolarEdge Technologies News

Here are the key news stories impacting SolarEdge Technologies this week:

• Positive Sentiment: SolarEdge reported third-quarter EPS of $0.29, beating the $0.04 consensus estimate, and returned to profitability. Gross margins improved and cash flow was positive. SolarEdge Q3 earnings and outlook
• Negative Sentiment: Revenue of $325.4 million slightly missed expectations and fell 4.2% year over year. Management cited ongoing market uncertainty and reduced fourth-quarter revenue expectations; weak demand is clouding the recovery outlook. SolarEdge: Weak Demand Clouds The Recovery
• Negative Sentiment: Goldman Sachs cut its target from $29 to $25 and maintained a “sell” rating; Citigroup lowered its target from $30 to $24 and also rates the shares “sell.” These calls reinforce concerns about near-term prospects. Goldman Sachs analyst recommendations Citigroup analyst recommendations
• Negative Sentiment: JPMorgan lowered its target from $38 to $31 and Susquehanna from $32 to $31, with both keeping “neutral” ratings. The target cuts add to the cautious analyst tone. JPMorgan analyst recommendations Susquehanna analyst recommendations

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.