Canaccord Genuity Group Forecasts Strong Price Appreciation for SolarEdge Technologies (NASDAQ:SEDG) Stock

SolarEdge Technologies (NASDAQ:SEDG) had its target price upped by Canaccord Genuity Group from $16.00 to $18.00 in a research note released on Tuesday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the semiconductor company’s stock.

A number of other equities research analysts also recently issued reports on the stock. Roth Mkm reduced their price target on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Morgan Stanley reissued an “underweight” rating and issued a $9.00 target price (down previously from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. Wells Fargo & Company raised their price target on SolarEdge Technologies from $15.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Tuesday. The Goldman Sachs Group boosted their price objective on SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Mizuho cut SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $35.00 to $11.00 in a report on Thursday, November 7th. Eight investment analysts have rated the stock with a sell rating, eighteen have given 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.com, the stock currently has an average rating of “Hold” and a consensus price target of $21.16.

SolarEdge Technologies Stock Performance

NASDAQ SEDG opened at $14.99 on Tuesday. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $87.98. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The stock’s fifty day moving average is $14.05 and its two-hundred day moving average is $19.88. The firm has a market capitalization of $868.67 million, a P/E ratio of -0.52 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The business 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%. The company’s revenue was down 64.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.03) earnings per share. On average, research analysts anticipate that SolarEdge Technologies will post -19.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, Chairman More Avery bought 156,000 shares of the business’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 transaction, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock valued at $72,000 after acquiring an additional 4,567 shares during the period. Tidal Investments LLC boosted its stake in 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 purchasing an additional 10,515 shares during the period. Geode Capital Management LLC grew its position in SolarEdge Technologies by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after purchasing an additional 25,474 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in SolarEdge Technologies during the 3rd quarter worth $278,000. Finally, Two Sigma Advisers LP raised its holdings in shares of 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 valued at $26,166,000 after buying an additional 3,400 shares during the last quarter. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.