SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $31.00 by Analysts at JPMorgan Chase & Co.

SolarEdge Technologies (NASDAQ:SEDG) had its target price lowered by stock analysts at JPMorgan Chase & Co. from $38.00 to $31.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 18.32% from the stock’s previous close.

SEDG has been the topic of several other research reports. The Goldman Sachs Group decreased their price target on SolarEdge Technologies from $29.00 to $25.00 and set a “sell” rating on the stock in a research note on Thursday. Barclays lowered their target price on SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 7th. Morgan Stanley dropped their price target on shares of SolarEdge Technologies from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Friday, September 11th. UBS Group upgraded SolarEdge Technologies from a “neutral” rating to a “buy” rating and raised their price target for the stock from $36.00 to $42.00 in a research note on Wednesday, August 26th. Finally, Citigroup reduced their target price on shares of SolarEdge Technologies from $30.00 to $24.00 and set a “sell” rating for the company in a report on Thursday. Two investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $37.27.

SolarEdge Technologies Price Performance

Shares of NASDAQ:SEDG traded down $3.82 during midday trading on Thursday, reaching $26.20. 6,809,472 shares of the company’s stock traded hands, compared to its average volume of 3,375,818. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.38 and a current ratio of 2.03. The company has a fifty day simple moving average of $32.91 and a two-hundred day simple moving average of $42.18. The company has a market cap of $1.61 billion, a P/E ratio of -5.82 and a beta of 1.31. SolarEdge Technologies has a 1 year low of $25.25 and a 1 year high of $81.25.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 4th. The semiconductor company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.25. The business had revenue of $325.40 million during the quarter, compared to analysts’ expectations of $326.78 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. The business’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.31) earnings per share. Equities analysts predict that SolarEdge Technologies will post -1.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ethic Inc. acquired a new stake in shares of SolarEdge Technologies during the third quarter worth approximately $220,000. Mirae Asset Global Investments Co. Ltd. bought a new position in SolarEdge Technologies during the 3rd quarter worth $1,912,000. Counterpoint Mutual Funds LLC grew its position in shares of SolarEdge Technologies by 22.1% during the third quarter. Counterpoint Mutual Funds LLC now owns 22,526 shares of the semiconductor company’s stock worth $718,000 after acquiring an additional 4,083 shares during the last quarter. Vontobel Holding Ltd. increased its stake in shares of SolarEdge Technologies by 250.1% in the third quarter. Vontobel Holding Ltd. now owns 26,921 shares of the semiconductor company’s stock valued at $858,000 after purchasing an additional 19,231 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in SolarEdge Technologies by 18.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,045 shares of the semiconductor company’s stock valued at $97,000 after acquiring an additional 479 shares in the last quarter. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

Key SolarEdge Technologies News

Here are the key news stories impacting SolarEdge Technologies this week:

• Positive Sentiment: SolarEdge reported third-quarter earnings of $0.29 per share, above analyst estimates and a loss of $0.31 a year earlier. Reports also cited improved gross margins and positive cash flow. Zacks earnings analysis
• Neutral Sentiment: Susquehanna lowered its price target from $32 to $31 but maintained a neutral rating, leaving its target above the current share price. Susquehanna recommendations
• Negative Sentiment: Citigroup cut its target from $30 to $24 and assigned a sell rating; Goldman Sachs also lowered its target, from $29 to $25, and rated the stock sell. The downgrades reinforce concerns about the company’s outlook. Citigroup recommendations Goldman Sachs recommendations
• Negative Sentiment: Quarterly revenue was about $325 million, slightly below consensus and down 4.2% year over year. Coverage also flagged a weak fourth-quarter outlook and persistent demand challenges, tempering the earnings beat. Seeking Alpha analysis

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.