KeyCorp Weighs in on SolarEdge Technologies, Inc.’s Q1 2024 Earnings (NASDAQ:SEDG)

SolarEdge Technologies, Inc. (NASDAQ:SEDG) – Analysts at KeyCorp issued their Q1 2024 EPS estimates for shares of SolarEdge Technologies in a research note issued to investors on Monday, April 22nd. KeyCorp analyst S. Karp expects that the semiconductor company will post earnings of ($2.11) per share for the quarter. The consensus estimate for SolarEdge Technologies’ current full-year earnings is ($4.17) per share. KeyCorp also issued estimates for SolarEdge Technologies’ Q2 2024 earnings at ($1.69) EPS, Q3 2024 earnings at ($0.78) EPS and Q4 2024 earnings at ($0.20) EPS.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.01) by $0.60. The firm had revenue of $316.04 million during the quarter, compared to analyst estimates of $319.97 million. SolarEdge Technologies had a net margin of 1.15% and a return on equity of 5.00%.

A number of other research firms have also weighed in on SEDG. Scotiabank cut their target price on shares of SolarEdge Technologies from $93.00 to $90.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 21st. BMO Capital Markets cut their price objective on shares of SolarEdge Technologies from $85.00 to $80.00 and set a “market perform” rating for the company in a research report on Wednesday, February 21st. DZ Bank started coverage on shares of SolarEdge Technologies in a research report on Wednesday, April 17th. They set a “hold” rating and a $62.00 price objective for the company. Citigroup cut their price objective on shares of SolarEdge Technologies from $89.00 to $83.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Finally, Royal Bank of Canada cut their price objective on shares of SolarEdge Technologies from $85.00 to $77.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 21st. Four equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $98.38.

SolarEdge Technologies Stock Up 1.9 %

SolarEdge Technologies stock opened at $57.86 on Thursday. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 128.58 and a beta of 1.51. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.70 and a quick ratio of 2.08. SolarEdge Technologies has a fifty-two week low of $53.59 and a fifty-two week high of $317.93. The firm has a fifty day moving average price of $68.43 and a two-hundred day moving average price of $78.27.

Institutional Trading of SolarEdge Technologies

Several hedge funds have recently modified their holdings of the stock. First Pacific Financial grew its stake in shares of SolarEdge Technologies by 31.8% during the first quarter. First Pacific Financial now owns 3,403 shares of the semiconductor company’s stock valued at $242,000 after purchasing an additional 822 shares during the last quarter. New Mexico Educational Retirement Board bought a new stake in shares of SolarEdge Technologies during the first quarter valued at approximately $220,000. Altfest L J & Co. Inc. grew its stake in shares of SolarEdge Technologies by 24.6% during the first quarter. Altfest L J & Co. Inc. now owns 5,056 shares of the semiconductor company’s stock valued at $359,000 after purchasing an additional 998 shares during the last quarter. Albion Financial Group UT lifted its holdings in SolarEdge Technologies by 32.2% in the first quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock valued at $278,000 after buying an additional 955 shares during the period. Finally, Hexagon Capital Partners LLC lifted its holdings in SolarEdge Technologies by 120.8% in the first quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock valued at $79,000 after buying an additional 610 shares during the period. 95.10% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director More Avery purchased 7,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were acquired at an average cost of $67.75 per share, with a total value of $474,250.00. Following the completion of the purchase, the director now directly owns 77,446 shares of the company’s stock, valued at $5,246,966.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.17% of the company’s stock.

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.