SolarEdge Technologies (NASDAQ:SEDG) Stock Price Target Cut by Citigroup

SolarEdge Technologies (NASDAQ:SEDG) had its price objective dropped by investment analysts at Citigroup from $30.00 to $24.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “sell” rating on the semiconductor company’s stock. Citigroup‘s price target suggests a potential downside of 8.29% from the stock’s previous close.

SEDG has been the subject of several other reports. BMO Capital Markets dropped their target price on SolarEdge Technologies from $31.00 to $28.00 and set an “underperform” rating for the company in a research report on Wednesday, October 21st. Barclays reduced their price target on SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 7th. Royal Bank Of Canada upped their price objective on SolarEdge Technologies from $24.00 to $30.00 and gave the company a “sector perform” rating in a research note on Friday, September 11th. Mizuho raised their price objective on shares of SolarEdge Technologies from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, September 11th. Finally, JPMorgan Chase & Co. cut their target price on shares of SolarEdge Technologies from $44.00 to $38.00 and set a “neutral” rating on the stock in a research report on Monday, October 19th. Two equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $37.73.

SolarEdge Technologies Price Performance

Shares of NASDAQ SEDG traded down $3.85 during midday trading on Thursday, reaching $26.17. 6,808,327 shares of the company were exchanged, compared to its average volume of 3,375,796. The stock’s 50-day moving average price is $32.91 and its 200-day moving average price is $42.18. The stock has a market cap of $1.61 billion, a P/E ratio of -5.82 and a beta of 1.31. The company has a quick ratio of 1.38, a current ratio of 2.03 and a debt-to-equity ratio of 0.85. SolarEdge Technologies has a one year low of $25.25 and a one year high of $81.25.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly 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. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. The company had revenue of $325.40 million during the quarter, compared to analysts’ expectations of $326.78 million. During the same period in the prior year, the company earned ($0.31) EPS. SolarEdge Technologies’s revenue was down 4.2% compared to the same quarter last year. On average, sell-side analysts anticipate that SolarEdge Technologies will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp raised its position in shares of SolarEdge Technologies by 0.7% during the second quarter. State Street Corp now owns 1,761,901 shares of the semiconductor company’s stock worth $102,965,000 after acquiring an additional 12,188 shares during the last quarter. Legal & General Group Plc bought a new stake in SolarEdge Technologies in the second quarter valued at approximately $76,095,000. Handelsbanken Fonder AB boosted its holdings in SolarEdge Technologies by 16.6% in the second quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company’s stock valued at $71,905,000 after acquiring an additional 175,281 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd acquired a new stake in SolarEdge Technologies during the 2nd quarter valued at approximately $55,514,000. Finally, First Trust Advisors LP increased its position in SolarEdge Technologies by 32.6% during the 1st quarter. First Trust Advisors LP now owns 916,358 shares of the semiconductor company’s stock valued at $46,780,000 after purchasing an additional 225,097 shares during the period. Institutional investors own 95.10% of the company’s stock.

Key Headlines Impacting SolarEdge Technologies

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

• Positive Sentiment: SolarEdge reported third-quarter earnings of $0.29 per share, above analysts’ estimates, and returned to quarterly profitability. Management said revenue was in line with its guidance. Read More.
• Neutral Sentiment: Susquehanna lowered its price target to $31 from $32 but maintained a neutral rating, leaving its target above the cited share price. Read More.
• Negative Sentiment: Revenue was about $325 million, slightly below consensus and down 4.2% year over year. Reports also point to a weak fourth-quarter outlook and continued demand challenges, tempering the earnings beat. Read More. Read More.
• Negative Sentiment: Goldman Sachs cut its price target to $25 from $29 and assigned a sell rating, signaling downside in its assessment. Read More.
• Negative Sentiment: SolarEdge lagged a broader solar-sector rally following the U.S. election, suggesting company-specific concerns outweighed improved sector sentiment. Read More.

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.