SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $29.00 at Citigroup

SolarEdge Technologies (NASDAQ:SEDG) had its price objective dropped by stock analysts at Citigroup from $30.00 to $29.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “sell” rating on the semiconductor company’s stock. Citigroup’s target price would indicate a potential upside of 1.73% from the stock’s current price.

Several other analysts also recently commented on the stock. BMO Capital Markets increased their target price on shares of SolarEdge Technologies from $19.00 to $25.00 and gave the company an “underperform” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SolarEdge Technologies in a research note on Monday. Wells Fargo & Company boosted their target price on SolarEdge Technologies from $24.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Friday, November 7th. Morgan Stanley raised SolarEdge Technologies from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $27.00 to $33.00 in a report on Tuesday. Finally, Royal Bank Of Canada lifted their price target on SolarEdge Technologies from $25.00 to $34.00 and gave the stock a “sector perform” rating in a report on Thursday, November 6th. Nineteen equities research analysts have rated the stock with a Hold rating and nine have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $24.83.

SolarEdge Technologies Stock Down 1.4%

SolarEdge Technologies stock traded down $0.41 during trading on Thursday, hitting $28.51. 2,396,893 shares of the company were exchanged, compared to its average volume of 4,562,895. The company has a market capitalization of $1.70 billion, a P/E ratio of -2.95 and a beta of 1.67. The business’s 50 day moving average is $35.57 and its 200 day moving average is $30.56. SolarEdge Technologies has a 52 week low of $11.00 and a 52 week high of $48.60. The company has a current ratio of 2.28, a quick ratio of 1.60 and a debt-to-equity ratio of 0.78.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently modified their holdings of SEDG. UBS Group AG raised its position in SolarEdge Technologies by 234.8% during the third quarter. UBS Group AG now owns 3,554,504 shares of the semiconductor company’s stock valued at $131,517,000 after purchasing an additional 2,492,776 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of SolarEdge Technologies by 612.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,448,643 shares of the semiconductor company’s stock worth $53,600,000 after purchasing an additional 1,245,445 shares in the last quarter. Ion Asset Management Ltd. increased its position in shares of SolarEdge Technologies by 135.9% during the 1st quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company’s stock valued at $33,695,000 after purchasing an additional 1,199,801 shares during the last quarter. Menora Mivtachim Holdings LTD. increased its position in shares of SolarEdge Technologies by 213.4% during the 2nd quarter. Menora Mivtachim Holdings LTD. now owns 1,490,637 shares of the semiconductor company’s stock valued at $30,409,000 after purchasing an additional 1,015,017 shares during the last quarter. Finally, Electron Capital Partners LLC raised its holdings in shares of SolarEdge Technologies by 107.8% during the 3rd quarter. Electron Capital Partners LLC now owns 1,732,566 shares of the semiconductor company’s stock valued at $64,105,000 after buying an additional 898,802 shares in the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.