SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $56.00 at BMO Capital Markets

SolarEdge Technologies (NASDAQ:SEDG) had its price target reduced by analysts at BMO Capital Markets from $73.00 to $56.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “market perform” rating on the semiconductor company’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 5.70% from the stock’s current price.

A number of other research analysts have also commented on the company. Northland Securities lowered SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday. Wells Fargo & Company decreased their price target on shares of SolarEdge Technologies from $91.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 22nd. Citigroup reduced their target price on shares of SolarEdge Technologies from $89.00 to $83.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Piper Sandler lowered their price target on SolarEdge Technologies from $105.00 to $77.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Finally, Canaccord Genuity Group initiated coverage on shares of SolarEdge Technologies in a research note on Tuesday, January 16th. They issued a “hold” rating and a $80.00 price objective for the company. Four research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $95.08.

SolarEdge Technologies Stock Performance

Shares of NASDAQ:SEDG traded down $4.57 during trading on Thursday, reaching $52.98. The stock had a trading volume of 4,255,531 shares, compared to its average volume of 2,361,551. The company has a quick ratio of 2.08, a current ratio of 3.70 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $64.59 and a two-hundred day simple moving average of $74.00. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 120.11 and a beta of 1.53. SolarEdge Technologies has a 52 week low of $51.65 and a 52 week high of $315.34.

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

Insider Buying and Selling

In other news, Director More Avery bought 7,000 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were bought 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 owns 77,446 shares in the company, valued at approximately $5,246,966.50. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SEDG. Vanguard Group Inc. raised its holdings in shares of SolarEdge Technologies by 3.8% during the third quarter. Vanguard Group Inc. now owns 2,529,274 shares of the semiconductor company’s stock worth $327,566,000 after acquiring an additional 92,230 shares during the period. Baillie Gifford & Co. raised its stake in shares of SolarEdge Technologies by 89.3% in the 3rd quarter. Baillie Gifford & Co. now owns 1,770,501 shares of the semiconductor company’s stock valued at $229,298,000 after purchasing an additional 835,290 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of SolarEdge Technologies by 108.5% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,495,069 shares of the semiconductor company’s stock valued at $193,626,000 after purchasing an additional 778,034 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of SolarEdge Technologies by 2.3% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,007,934 shares of the semiconductor company’s stock worth $71,543,000 after buying an additional 23,033 shares during the period. Finally, Impax Asset Management Group plc grew its holdings in shares of SolarEdge Technologies by 1.6% during the fourth quarter. Impax Asset Management Group plc now owns 954,264 shares of the semiconductor company’s stock worth $88,890,000 after buying an additional 14,878 shares in the last quarter. Institutional investors own 95.10% 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.