SolarEdge Technologies (NASDAQ:SEDG) Price Target Raised to $6.90

SolarEdge Technologies (NASDAQ:SEDG) had its price objective hoisted by Glj Research from $3.90 to $6.90 in a report published on Wednesday, Marketbeat reports. They currently have a sell rating on the semiconductor company’s stock.

Several other research firms have also weighed in on SEDG. Canaccord Genuity Group upped their price objective on shares of SolarEdge Technologies from $14.00 to $16.50 and gave the company a “hold” rating in a research note on Wednesday, May 7th. Barclays upped their price objective on shares of SolarEdge Technologies from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Wednesday, April 16th. Roth Mkm upped their price objective on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, February 21st. Susquehanna dropped their price objective on shares of SolarEdge Technologies from $17.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of SolarEdge Technologies from $20.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 7th. Twelve analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, SolarEdge Technologies has an average rating of “Hold” and an average price target of $16.56.

SolarEdge Technologies Stock Up 11.8%

SEDG stock opened at $16.70 on Wednesday. SolarEdge Technologies has a 52-week low of $10.24 and a 52-week high of $51.50. The company’s 50 day simple moving average is $15.30 and its 200-day simple moving average is $14.81. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46. The firm has a market capitalization of $986.03 million, a P/E ratio of -0.54 and a beta of 1.50.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.26) by $0.12. The firm had revenue of $219.48 million for the quarter, compared to analyst estimates of $205.39 million. SolarEdge Technologies had a negative net margin of 192.13% and a negative return on equity of 95.05%. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.90) EPS. As a group, equities research analysts anticipate that SolarEdge Technologies will post -4.54 EPS for the current year.

Insider Buying and Selling

In other news, Chairman More Avery acquired 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average cost of $13.70 per share, with a total value of $411,000.00. Following the acquisition, the chairman now owns 274,478 shares in the company, valued at approximately $3,760,348.60. This represents a 12.27% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.67% of the stock is owned by insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Several large investors have recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. raised its stake in SolarEdge Technologies by 60.0% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 600 shares during the last quarter. Deutsche Bank AG raised its stake in SolarEdge Technologies by 0.5% during the 1st quarter. Deutsche Bank AG now owns 148,734 shares of the semiconductor company’s stock valued at $2,407,000 after purchasing an additional 766 shares during the last quarter. Fifth Third Bancorp raised its stake in SolarEdge Technologies by 93.7% during the 1st quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 790 shares during the last quarter. US Bancorp DE raised its stake in SolarEdge Technologies by 25.2% during the 1st quarter. US Bancorp DE now owns 4,560 shares of the semiconductor company’s stock valued at $74,000 after purchasing an additional 918 shares during the last quarter. Finally, New York State Teachers Retirement System raised its stake in SolarEdge Technologies by 1.5% during the 1st quarter. New York State Teachers Retirement System now owns 66,436 shares of the semiconductor company’s stock valued at $1,075,000 after purchasing an additional 1,000 shares during the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

About SolarEdge Technologies

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.