SolarEdge Technologies (NASDAQ:SEDG) Price Target Raised to $34.00 at Royal Bank Of Canada

SolarEdge Technologies (NASDAQ:SEDG) had its price target increased by equities researchers at Royal Bank Of Canada from $25.00 to $34.00 in a report issued on Thursday,MarketScreener reports. The firm currently has a “sector perform” rating on the semiconductor company’s stock. Royal Bank Of Canada’s price objective points to a potential downside of 16.30% from the stock’s previous close.

A number of other brokerages also recently issued reports on SEDG. Susquehanna increased their price target on SolarEdge Technologies from $25.00 to $40.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. TD Cowen increased their price target on SolarEdge Technologies from $26.00 to $34.00 and gave the stock a “hold” rating in a research report on Thursday. Guggenheim increased their price target on SolarEdge Technologies from $5.00 to $7.00 and gave the stock a “sell” rating in a research report on Monday, August 25th. Oppenheimer reiterated a “market perform” rating on shares of SolarEdge Technologies in a research report on Monday, August 11th. Finally, Roth Capital increased their price target on SolarEdge Technologies from $15.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 5th. Eighteen research analysts have rated the stock with a Hold rating and eleven have issued a Sell rating to the company. Based on data from MarketBeat, SolarEdge Technologies presently has an average rating of “Reduce” and a consensus price target of $23.08.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $40.62 on Thursday. The company has a market capitalization of $2.41 billion, a P/E ratio of -1.35 and a beta of 1.63. The business’s 50 day moving average is $35.74 and its two-hundred day moving average is $26.72. The company has a current ratio of 1.94, a quick ratio of 1.42 and a debt-to-equity ratio of 0.72. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $41.92.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Thursday, August 7th. The semiconductor company reported ($0.81) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.81). The company had revenue of $289.43 million for the quarter, compared to the consensus estimate of $270.03 million. SolarEdge Technologies had a negative return on equity of 191.53% and a negative net margin of 177.64%.SolarEdge Technologies’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.79) earnings per share. Analysts expect that SolarEdge Technologies will post -4.54 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in SolarEdge Technologies by 4.4% during the first quarter. Vanguard Group Inc. now owns 3,028,018 shares of the semiconductor company’s stock worth $48,993,000 after buying an additional 126,246 shares in the last quarter. Ion Asset Management Ltd. lifted its position in SolarEdge Technologies by 135.9% during the first quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company’s stock worth $33,695,000 after buying an additional 1,199,801 shares in the last quarter. Menora Mivtachim Holdings LTD. lifted its position in SolarEdge Technologies by 213.4% during the second quarter. Menora Mivtachim Holdings LTD. now owns 1,490,637 shares of the semiconductor company’s stock worth $30,409,000 after buying an additional 1,015,017 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in SolarEdge Technologies by 612.9% during the third quarter. Assenagon Asset Management S.A. now owns 1,448,643 shares of the semiconductor company’s stock worth $53,600,000 after buying an additional 1,245,445 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in SolarEdge Technologies by 9.6% during the second quarter. Legal & General Group Plc now owns 1,424,788 shares of the semiconductor company’s stock worth $29,066,000 after buying an additional 124,591 shares in 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.