SolarEdge Technologies (NASDAQ:SEDG) Given New $25.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut its SolarEdge price target from $30 to $25, maintaining a “sector perform” rating; the new target implies 8.74% downside from the share price cited.
• Analyst sentiment is broadly cautious: MarketBeat reports an average “Reduce” rating and a consensus price target of $36.93, while several firms have recently lowered targets or assigned sell/underperform ratings.
• SolarEdge beat quarterly EPS estimates with $0.29 versus $0.04 expected, but revenue of $325.4 million fell short of forecasts and declined 4.2% year over year.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its price target reduced by investment analysts at Royal Bank Of Canada from $30.00 to $25.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a "sector perform" rating on the semiconductor company's stock. Royal Bank Of Canada's price target suggests a potential downside of 8.74% from the stock's current price.

SEDG has been the subject of a number of other research reports. BMO Capital Markets lowered their price target 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. Susquehanna reduced their price objective on SolarEdge Technologies from $32.00 to $31.00 and set a "neutral" rating on the stock in a research note on Thursday. Wall Street Zen upgraded SolarEdge Technologies from a "sell" rating to a "hold" rating in a report on Sunday, November 1st. Barclays dropped their target price on shares of SolarEdge Technologies from $37.00 to $36.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 7th. Finally, Citigroup cut their price target on shares of SolarEdge Technologies from $30.00 to $24.00 and set a "sell" rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $36.93.

SolarEdge Technologies Trading Up 4.6%

NASDAQ:SEDG traded up $1.20 during trading hours on Friday, reaching $27.39. 1,658,083 shares of the company were exchanged, compared to its average volume of 3,367,490. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -7.21 and a beta of 1.31. The stock has a 50 day simple moving average of $32.77 and a 200 day simple moving average of $42.14. SolarEdge Technologies has a 52-week low of $25.25 and a 52-week high of $81.25. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.12 and a quick ratio of 1.38.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The semiconductor company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.25. The business had revenue of $325.40 million during the quarter, compared to the consensus estimate of $326.78 million. SolarEdge Technologies had a negative return on equity of 19.80% and a negative net margin of 17.34%. The business's revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.31) EPS. As a group, analysts predict that SolarEdge Technologies will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Clal Insurance Enterprises Holdings Ltd bought a new position in SolarEdge Technologies during the 2nd quarter valued at $55,514,000. Bank of America Corp DE increased its position in shares of SolarEdge Technologies by 218.6% in the 1st quarter. Bank of America Corp DE now owns 404,297 shares of the semiconductor company's stock worth $20,639,000 after purchasing an additional 277,385 shares during the last quarter. Legal & General Group Plc bought a new stake in shares of SolarEdge Technologies in the 2nd quarter worth about $76,095,000. Handelsbanken Fonder AB raised its stake in shares of SolarEdge Technologies by 16.6% in the 2nd quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company's stock valued at $71,905,000 after purchasing an additional 175,281 shares in the last quarter. Finally, Man Group plc acquired a new stake in shares of SolarEdge Technologies in the 2nd quarter valued at about $6,540,000. 95.10% of the stock is owned by institutional investors and hedge funds.

Key Headlines 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.