Jefferies Financial Group Forecasts Strong Price Appreciation for SolarEdge Technologies (NASDAQ:SEDG) Stock

SolarEdge Technologies (NASDAQ:SEDG) had its price objective hoisted by investment analysts at Jefferies Financial Group from $10.00 to $18.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “underperform” rating on the semiconductor company’s stock. Jefferies Financial Group’s price target would suggest a potential downside of 31.07% from the company’s current price.

Other analysts have also issued research reports about the company. Mizuho increased their target price on SolarEdge Technologies from $18.00 to $29.00 and gave the company a “neutral” rating in a report on Monday. Barclays raised shares of SolarEdge Technologies from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $12.00 to $29.00 in a research report on Monday. The Goldman Sachs Group reiterated a “neutral” rating and issued a $27.00 price target on shares of SolarEdge Technologies in a research note on Wednesday, July 9th. Northland Capmk raised shares of SolarEdge Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, May 23rd. Finally, Wells Fargo & Company reduced their price target on shares of SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, May 7th. Ten research analysts have rated the stock with a sell rating, seventeen have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $17.44.

SolarEdge Technologies Price Performance

Shares of SEDG traded up $0.50 during mid-day trading on Monday, hitting $26.12. The company’s stock had a trading volume of 2,315,772 shares, compared to its average volume of 4,711,503. The company has a current ratio of 2.04, a quick ratio of 1.39 and a debt-to-equity ratio of 0.62. The firm has a 50-day simple moving average of $19.76 and a 200 day simple moving average of $16.54. The firm has a market capitalization of $1.54 billion, a P/E ratio of -0.87 and a beta of 1.62. SolarEdge Technologies has a 1-year low of $10.24 and a 1-year high of $31.07.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.12. SolarEdge Technologies had a negative return on equity of 127.53% and a negative net margin of 182.81%. The firm had revenue of $219.48 million during the quarter, compared to the consensus estimate of $205.39 million. During the same quarter in the previous year, the business earned ($1.90) earnings per share. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. Analysts predict that SolarEdge Technologies will post -4.54 EPS for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Several large investors have recently added to or reduced their stakes in SEDG. Jones Financial Companies Lllp boosted its stake in SolarEdge Technologies by 401.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 1,954 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of SolarEdge Technologies by 38.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 520,928 shares of the semiconductor company’s stock worth $7,085,000 after acquiring an additional 144,733 shares during the last quarter. Counterpoint Mutual Funds LLC lifted its position in SolarEdge Technologies by 159.8% during the fourth quarter. Counterpoint Mutual Funds LLC now owns 58,832 shares of the semiconductor company’s stock valued at $800,000 after buying an additional 36,187 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of SolarEdge Technologies during the fourth quarter worth $27,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of SolarEdge Technologies in the fourth quarter worth $146,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.