SolarEdge Technologies (NASDAQ:SEDG) Stock Price Target Lowered at Royal Bank Of Canada

SolarEdge Technologies (NASDAQ:SEDG) had its price target lowered by equities research analysts at Royal Bank Of Canada from $30.00 to $25.00 in a report released on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the semiconductor company’s stock. Royal Bank Of Canada‘s price objective indicates a potential downside of 8.74% from the company’s previous close.

Several other analysts have also weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of SolarEdge Technologies from $29.00 to $25.00 and set a “sell” rating for the company in a research note on Thursday. Citigroup reduced their price target on shares of SolarEdge Technologies from $30.00 to $24.00 and set a “sell” rating on the stock in a research report on Thursday. Weiss Ratings raised shares of SolarEdge Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Mizuho boosted their price objective on shares of SolarEdge Technologies from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, September 11th. Finally, BMO Capital Markets dropped their price objective on shares of SolarEdge Technologies from $31.00 to $28.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 21st. Two analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $36.93.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG traded up $1.20 during trading on Friday, reaching $27.39. The stock had a trading volume of 1,658,083 shares, compared to its average volume of 3,367,490. SolarEdge Technologies has a one year low of $25.25 and a one year high of $81.25. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.38 and a current ratio of 2.12. The stock has a market cap of $1.69 billion, a PE ratio of -7.21 and a beta of 1.31. The firm’s 50 day moving average price is $32.77 and its two-hundred day moving average price is $42.14.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, November 4th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.25. SolarEdge Technologies had a negative return on equity of 19.80% and a negative net margin of 17.34%. The firm had revenue of $325.40 million for the quarter, compared to analysts’ expectations of $326.78 million. During the same period last year, the business posted ($0.31) earnings per share. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, research analysts forecast that SolarEdge Technologies will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Several large investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. lifted its stake in SolarEdge Technologies by 2.9% in the third quarter. Russell Investments Group Ltd. now owns 247,787 shares of the semiconductor company’s stock valued at $7,897,000 after buying an additional 7,092 shares during the last quarter. Maryland State Retirement & Pension System grew its position in shares of SolarEdge Technologies by 53.2% during the third quarter. Maryland State Retirement & Pension System now owns 13,607 shares of the semiconductor company’s stock worth $434,000 after acquiring an additional 4,723 shares during the last quarter. Ethic Inc. bought a new position in shares of SolarEdge Technologies during the third quarter worth about $220,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of SolarEdge Technologies during the third quarter worth about $1,912,000. Finally, Counterpoint Mutual Funds LLC increased its holdings in shares of SolarEdge Technologies by 22.1% in the 3rd 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 period. 95.10% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting SolarEdge Technologies

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

• Positive Sentiment: SolarEdge reported Q3 earnings per share of $0.29, above analysts’ $0.04 consensus, prompting unusually high trading volume. Revenue of $325.4 million was slightly below estimates and declined 4.2% year over year, so the earnings beat was not matched by stronger sales. SolarEdge trading volume and earnings
• Neutral Sentiment: Susquehanna cut its price target to $31 from $32 but maintained a neutral rating, leaving its target above the recently cited share price. Susquehanna price target
• Negative Sentiment: Analysts lowered targets and issued bearish ratings: JPMorgan reduced its target to $31 from $38 and kept a neutral rating; Citi cut to $24 and rated the shares sell; Goldman Sachs lowered its target to $25 and also rated them sell. Read More., Read More., Read More.
• Negative Sentiment: A Seeking Alpha analysis warned that weak demand clouds SolarEdge’s recovery, reinforcing concerns that sales growth may remain a challenge despite the earnings beat. SolarEdge: Weak Demand Clouds The Recovery

About SolarEdge Technologies

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.