SolarEdge Technologies (NASDAQ:SEDG) Stock Gets Price Target Trim from JPMorgan Chase & Co.

Key Points

• JPMorgan cut its SolarEdge price target to $31 from $38 and maintained a neutral rating, implying about 18% upside from the share price cited in the report.
• Shares fell 12.7% to $26.20 during Thursday trading, near their one-year low. Analysts’ consensus rating was “Reduce,” with a consensus price target of $37.27.
• SolarEdge beat quarterly EPS estimates ($0.29 versus $0.04), but revenue was slightly below forecasts and declined 4.2% year over year; several analysts lowered targets or issued sell ratings.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its target price lowered by JPMorgan Chase & Co. from $38.00 to $31.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a "neutral" rating on the semiconductor company's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 18.32% from the stock's current price.

Several other brokerages have also recently issued reports on SEDG. TD Cowen reduced their price objective on SolarEdge Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a research note on Monday, July 20th. Barclays lowered their target price on shares of SolarEdge Technologies from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 7th. Mizuho increased their target price 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. Citigroup decreased 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 note on Thursday. Finally, Weiss Ratings upgraded shares of SolarEdge Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, October 2nd. Two equities research 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.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $37.27.

SolarEdge Technologies Trading Down 12.7%

Shares of NASDAQ:SEDG traded down $3.82 during midday trading on Thursday, hitting $26.20. 6,809,472 shares of the stock traded hands, compared to its average volume of 3,375,818. The business's 50 day moving average is $32.91 and its two-hundred day moving average is $42.18. The stock has a market capitalization of $1.61 billion, a PE 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 - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The semiconductor company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.25. The firm had revenue of $325.40 million for the quarter, compared to analyst estimates of $326.78 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. The business's quarterly revenue was down 4.2% compared to the same quarter last year. During the same period last year, the company earned ($0.31) EPS. As a group, research analysts forecast that SolarEdge Technologies will post -1.21 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. Legal & General Group Plc purchased a new position in SolarEdge Technologies during the second quarter valued at $76,095,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in SolarEdge Technologies during the 2nd quarter valued at approximately $55,514,000. Bank of America Corp DE increased its stake in 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 acquiring an additional 277,385 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of SolarEdge Technologies by 303.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 314,066 shares of the semiconductor company's stock valued at $16,031,000 after purchasing an additional 236,176 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in shares of SolarEdge Technologies by 32.6% during the first quarter. First Trust Advisors LP now owns 916,358 shares of the semiconductor company's stock valued at $46,780,000 after buying an additional 225,097 shares during the period. Institutional investors and hedge funds own 95.10% of the company's stock.

SolarEdge Technologies News Roundup

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

• Positive Sentiment: SolarEdge reported third-quarter earnings of $0.29 per share, above analyst estimates and a loss of $0.31 a year earlier. Reports also cited improved gross margins and positive cash flow. Zacks earnings analysis
• Neutral Sentiment: Susquehanna lowered its price target from $32 to $31 but maintained a neutral rating, leaving its target above the current share price. Susquehanna recommendations
• Negative Sentiment: Citigroup cut its target from $30 to $24 and assigned a sell rating; Goldman Sachs also lowered its target, from $29 to $25, and rated the stock sell. The downgrades reinforce concerns about the company’s outlook. Citigroup recommendations Goldman Sachs recommendations
• Negative Sentiment: Quarterly revenue was about $325 million, slightly below consensus and down 4.2% year over year. Coverage also flagged a weak fourth-quarter outlook and persistent demand challenges, tempering the earnings beat. Seeking Alpha analysis

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.

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.