SolarEdge Technologies (NASDAQ:SEDG) Price Target Raised to $30.00

Key Points

• Citigroup raised SolarEdge Technologies’ price target from $25 to $30 but maintained a “sell” rating, implying roughly 12% downside from the stock’s current price.
• Analyst sentiment remains cautious: SEDG has an average “Reduce” rating and a consensus price target of $39.20, with two Buy, eleven Hold, and five Sell ratings.
• SolarEdge’s latest quarterly results exceeded expectations, with earnings of $0.05 per share and revenue of $346.2 million, though the company continues to post negative profitability metrics and analysts expect a full-year loss.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its target price raised by stock analysts at Citigroup from $25.00 to $30.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a "sell" rating on the semiconductor company's stock. Citigroup's price objective would suggest a potential downside of 12.09% from the stock's current price.

SEDG has been the subject of a number of other reports. Susquehanna reduced their target price on shares of SolarEdge Technologies from $56.00 to $38.00 and set a "neutral" rating for the company in a report on Thursday, August 6th. Glj Research reiterated a "sell" rating on shares of SolarEdge Technologies in a research report on Thursday, June 11th. Barclays decreased their target price on SolarEdge Technologies from $53.00 to $37.00 and set an "equal weight" rating on the stock in a report on Thursday, August 6th. JPMorgan Chase & Co. boosted their target price on SolarEdge Technologies from $37.00 to $44.00 and gave the stock a "neutral" rating in a research report on Friday, September 11th. Finally, Morgan Stanley reduced their price target on shares of SolarEdge Technologies from $35.00 to $33.00 and set an "equal weight" rating for the company in a research report on Friday, September 11th. Two research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $39.20.

SolarEdge Technologies Stock Down 1.6%

Shares of SolarEdge Technologies stock opened at $34.13 on Monday. SolarEdge Technologies has a twelve month low of $28.21 and a twelve month high of $81.25. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -7.54 and a beta of 1.44. The company has a current ratio of 2.03, a quick ratio of 1.38 and a debt-to-equity ratio of 0.85. The business's 50 day simple moving average is $37.90 and its 200-day simple moving average is $46.19.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07. The firm had revenue of $346.20 million for the quarter, compared to analyst estimates of $341.15 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%.The firm's revenue for the quarter was up 19.6% on a year-over-year basis. During the same period last year, the company earned ($0.81) earnings per share. Equities research analysts forecast that SolarEdge Technologies will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

Several hedge funds have recently made changes to their positions in SEDG. The Manufacturers Life Insurance Company boosted its position in shares of SolarEdge Technologies by 80.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,746 shares of the semiconductor company's stock valued at $1,329,000 after acquiring an additional 10,171 shares in the last quarter. Tidal Investments LLC boosted its holdings in SolarEdge Technologies by 16.0% during the second quarter. Tidal Investments LLC now owns 60,526 shares of the semiconductor company's stock valued at $3,537,000 after purchasing an additional 8,330 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of SolarEdge Technologies in the 2nd quarter valued at approximately $140,000. Nykredit A S acquired a new position in shares of SolarEdge Technologies in the 2nd quarter worth approximately $36,000. Finally, Amundi grew its position in SolarEdge Technologies by 7.2% in the second quarter. Amundi now owns 93,751 shares of the semiconductor company's stock valued at $5,479,000 after acquiring an additional 6,267 shares during the period. Institutional investors own 95.10% of the company's stock.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc develops smart energy technology for solar power generation, energy storage and energy management. The company is best known for its DC-optimized inverter system, which uses power optimizers attached to individual solar modules to improve energy harvesting and provide module-level monitoring. Its platform is designed to support residential, commercial and utility-scale photovoltaic installations.

The company's product portfolio includes power optimizers, inverters, monitoring and management software, batteries and energy storage systems, and related solutions for backup power and electric vehicle charging.

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