The Goldman Sachs Group Forecasts Strong Price Appreciation for SolarEdge Technologies (NASDAQ:SEDG) Stock

SolarEdge Technologies (NASDAQ:SEDG) had its price target increased by The Goldman Sachs Group from $19.00 to $21.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Several other research analysts have also recently weighed in on SEDG. Piper Sandler cut shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $17.00 to $9.00 in a research report on Thursday, November 7th. Citigroup cut their price target on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Susquehanna decreased their price objective on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Morgan Stanley reissued an “underweight” rating and set a $9.00 target price (down previously from $23.00) on shares of SolarEdge Technologies in a research note on Friday, November 15th. Finally, Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Seven investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $21.72.

SolarEdge Technologies Stock Up 8.0 %

Shares of NASDAQ SEDG opened at $17.59 on Tuesday. The stock has a market cap of $1.02 billion, a PE ratio of -0.61 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 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 company has a 50-day moving average of $14.13 and a 200 day moving average of $19.95.

SolarEdge Technologies (NASDAQ:SEDG) last posted 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 company had revenue of $260.90 million during the quarter, compared to analyst estimates 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 revenue for the quarter was down 64.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.03) EPS. As a group, sell-side analysts predict that SolarEdge Technologies will post -19.18 EPS for the current fiscal year.

Insider Buying and Selling

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were acquired at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.67% of the stock is currently owned by company insiders.

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently added to or reduced their stakes in SEDG. AMG National Trust Bank acquired a new position in SolarEdge Technologies during the third quarter worth approximately $4,055,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of SolarEdge Technologies by 683.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after purchasing an additional 220,304 shares in the last quarter. Mizuho Markets Americas LLC grew its position in SolarEdge Technologies by 653.4% in the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock valued at $4,315,000 after acquiring an additional 163,340 shares in the last quarter. Meitav Investment House Ltd. lifted its position in shares of SolarEdge Technologies by 9.6% during the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after purchasing an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of SolarEdge Technologies in the third quarter valued at $1,495,000. 95.10% of the stock is owned by institutional investors and hedge funds.

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.