SolarEdge Technologies (NASDAQ:SEDG) Stock Price Target Lowered at Citigroup

Key Points

• Citigroup cut its SolarEdge price target from $30 to $24 and maintained a sell rating, implying 8.29% downside from the prior close.
• Analyst sentiment is broadly cautious: MarketBeat reports a consensus “Reduce” rating and a $37.73 consensus target, with 11 Hold and five Sell ratings among analysts.
• SolarEdge beat quarterly EPS estimates with $0.29 per share, but revenue of $325.4 million fell 4.2% year over year and missed expectations slightly; shares traded at $26.17 on Thursday.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its price target decreased by stock analysts at Citigroup from $30.00 to $24.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a "sell" rating on the semiconductor company's stock. Citigroup's price target would indicate a potential downside of 8.29% from the company's previous close.

Several other brokerages have also weighed in on SEDG. Wall Street Zen raised shares of SolarEdge Technologies from a "sell" rating to a "hold" rating in a research report on Sunday. JPMorgan Chase & Co. decreased their price target on shares of SolarEdge Technologies from $44.00 to $38.00 and set a "neutral" rating on the stock in a research note on Monday, October 19th. Morgan Stanley lowered their price target on shares of SolarEdge Technologies from $35.00 to $33.00 and set an "equal weight" rating on the stock in a report on Friday, September 11th. Mizuho raised their price objective on shares of SolarEdge Technologies from $38.00 to $40.00 and gave the stock a "neutral" rating in a research report on Friday, September 11th. Finally, Susquehanna cut their price objective on shares of SolarEdge Technologies from $32.00 to $31.00 and set a "neutral" rating for the company in a research report on Thursday. 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, SolarEdge Technologies presently has a consensus rating of "Reduce" and a consensus target price of $37.73.

SolarEdge Technologies Stock Performance

Shares of SEDG traded down $3.85 during mid-day trading on Thursday, reaching $26.17. The company's stock had a trading volume of 6,808,327 shares, compared to its average volume of 3,375,796. The company has a current ratio of 2.03, a quick ratio of 1.38 and a debt-to-equity ratio of 0.85. SolarEdge Technologies has a 1-year low of $25.25 and a 1-year high of $81.25. The business has a 50-day simple moving average of $32.91 and a two-hundred day simple moving average of $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.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The semiconductor company reported $0.29 earnings per share 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 business had revenue of $325.40 million for the quarter, compared to analysts' expectations of $326.78 million. During the same quarter in the prior year, the business earned ($0.31) EPS. The firm's revenue for the quarter was down 4.2% on a year-over-year basis. As a group, equities research analysts anticipate that SolarEdge Technologies will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

A number of institutional investors have recently bought and sold shares of the business. Allworth Financial LP acquired a new stake in shares of SolarEdge Technologies in the 2nd quarter valued at $31,000. Nykredit A S acquired a new position in shares of SolarEdge Technologies during the 2nd quarter worth $36,000. Public Employees Retirement System of Ohio acquired a new position in shares of SolarEdge Technologies during the 2nd quarter worth $72,000. State of Wyoming lifted its position in shares of SolarEdge Technologies by 32.9% during the 1st quarter. State of Wyoming now owns 1,237 shares of the semiconductor company's stock worth $63,000 after buying an additional 306 shares during the last quarter. Finally, EFG International AG acquired a new stake in SolarEdge Technologies in the second quarter valued at about $123,000. Institutional investors own 95.10% of the company's stock.

SolarEdge Technologies News Summary

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.

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.

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