SolarEdge Technologies (NASDAQ:SEDG) Price Target Raised to $16.50

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its price target hoisted by equities research analysts at Canaccord Genuity Group from $14.00 to $16.50 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the semiconductor company's stock. Canaccord Genuity Group's target price points to a potential downside of 17.75% from the stock's current price.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets downgraded SolarEdge Technologies from a "market perform" rating to an "underperform" rating and upped their price target for the stock from $13.00 to $15.00 in a research report on Thursday, February 20th. Roth Mkm upped their price target on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Friday, February 21st. Barclays upped their price target on SolarEdge Technologies from $10.00 to $11.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 16th. The Goldman Sachs Group upped their price target on SolarEdge Technologies from $21.00 to $31.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Finally, Royal Bank of Canada upped their price target on SolarEdge Technologies from $14.00 to $15.00 and gave the stock a "sector perform" rating in a research report on Thursday, February 20th. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $16.32.

SolarEdge Technologies Stock Up 1.1%

NASDAQ SEDG traded up $0.22 during trading hours on Wednesday, reaching $20.06. 4,271,439 shares of the company's stock were exchanged, compared to its average volume of 4,373,639. The company's 50-day moving average is $14.72 and its two-hundred day moving average is $14.65. SolarEdge Technologies has a one year low of $10.24 and a one year high of $56.52. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.46 and a current ratio of 1.95. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -0.64 and a beta of 1.50.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.26) by $0.12. SolarEdge Technologies had a negative return on equity of 95.05% and a negative net margin of 192.13%. The business had revenue of $219.48 million during the quarter, compared to analysts' expectations of $205.39 million. During the same period in the prior year, the business earned ($1.90) EPS. SolarEdge Technologies's revenue for the quarter was up 7.4% compared to the same quarter last year. On average, analysts forecast that SolarEdge Technologies will post -4.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman More Avery acquired 30,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were purchased at an average price of $13.70 per share, for a total transaction of $411,000.00. Following the transaction, the chairman now directly owns 274,478 shares of the company's stock, valued at approximately $3,760,348.60. This represents a 12.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.67% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SEDG. GAMMA Investing LLC increased its position in SolarEdge Technologies by 655.2% during the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company's stock worth $72,000 after buying an additional 4,567 shares during the period. Assenagon Asset Management S.A. increased its position in SolarEdge Technologies by 182.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company's stock worth $11,888,000 after buying an additional 564,490 shares during the period. SG Americas Securities LLC increased its position in SolarEdge Technologies by 592.3% during the 4th quarter. SG Americas Securities LLC now owns 137,736 shares of the semiconductor company's stock worth $1,873,000 after buying an additional 117,841 shares during the period. Janney Montgomery Scott LLC bought a new position in SolarEdge Technologies during the 4th quarter worth $227,000. Finally, Exchange Traded Concepts LLC bought a new position in shares of SolarEdge Technologies in the fourth quarter worth $260,000. Institutional investors own 95.10% of the company's stock.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.