SolarEdge Technologies (NASDAQ:SEDG) Given New $44.00 Price Target at Bank of America

SolarEdge Technologies (NASDAQ:SEDG) had its target price dropped by analysts at Bank of America from $54.00 to $44.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s target price indicates a potential downside of 16.46% from the company’s current price.

Several other equities analysts have also issued reports on SEDG. DZ Bank initiated coverage on SolarEdge Technologies in a research note on Wednesday, April 17th. They set a “hold” rating and a $62.00 price target on the stock. B. Riley cut their target price on SolarEdge Technologies from $133.00 to $124.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Citigroup reduced their target price on SolarEdge Technologies from $83.00 to $71.00 and set a “neutral” rating for the company in a research report on Thursday. Scotiabank lowered their price target on shares of SolarEdge Technologies from $93.00 to $90.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 21st. Finally, Canaccord Genuity Group began coverage on shares of SolarEdge Technologies in a report on Tuesday, January 16th. They set a “hold” rating and a $80.00 price objective for the company. Four analysts have rated the stock with a sell rating, twenty-two have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $92.15.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG opened at $52.67 on Friday. The business’s 50-day simple moving average is $64.30 and its 200-day simple moving average is $73.85. SolarEdge Technologies has a 52 week low of $51.65 and a 52 week high of $315.34. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.08 and a current ratio of 3.70. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 117.04 and a beta of 1.53.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) EPS for the quarter, beating the consensus estimate of ($2.01) by $0.60. SolarEdge Technologies had a return on equity of 5.00% and a net margin of 1.15%. The company had revenue of $316.04 million for the quarter, compared to the consensus estimate of $319.97 million. As a group, equities research analysts expect that SolarEdge Technologies will post -4.68 earnings per share for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Director More Avery acquired 7,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of $67.75 per share, for a total transaction of $474,250.00. Following the completion of the acquisition, the director now directly owns 77,446 shares of the company’s stock, valued at approximately $5,246,966.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NBC Securities Inc. acquired a new position in shares of SolarEdge Technologies during the 3rd quarter worth about $25,000. Kayne Anderson Rudnick Investment Management LLC grew its holdings in SolarEdge Technologies by 194.7% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 183 shares during the period. Manchester Capital Management LLC increased its stake in SolarEdge Technologies by 1,345.0% in the fourth quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 269 shares in the last quarter. GAMMA Investing LLC acquired a new stake in SolarEdge Technologies in the fourth quarter worth $30,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its holdings in SolarEdge Technologies by 4,000.0% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 410 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 400 shares during the period. 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.