SolarEdge Technologies (NASDAQ:SEDG) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its price objective hoisted by investment analysts at Canaccord Genuity Group from $14.00 to $16.50 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "hold" rating on the semiconductor company's stock. Canaccord Genuity Group's target price would indicate a potential upside of 14.82% from the stock's current price.

Several other research firms have also recently commented on SEDG. Susquehanna reduced their price target on SolarEdge Technologies from $17.00 to $12.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Royal Bank of Canada boosted their target price on shares of SolarEdge Technologies from $14.00 to $15.00 and gave the stock a "sector perform" rating in a research report on Thursday, February 20th. Barclays increased their price target on shares of SolarEdge Technologies from $10.00 to $11.00 and gave the company an "underweight" rating in a report on Wednesday, April 16th. BMO Capital Markets downgraded shares of SolarEdge Technologies from a "market perform" rating to an "underperform" rating and boosted their price objective for the stock from $13.00 to $15.00 in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. dropped their target price on shares of SolarEdge Technologies from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, January 23rd. Ten research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies currently has an average rating of "Hold" and a consensus target price of $16.72.

SolarEdge Technologies Stock Performance

Shares of SolarEdge Technologies stock opened at $14.37 on Wednesday. The firm has a market capitalization of $848.45 million, a P/E ratio of -0.46 and a beta of 1.50. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. SolarEdge Technologies has a 52 week low of $10.24 and a 52 week high of $60.50. The firm's 50 day moving average is $14.58 and its two-hundred day moving average is $14.63.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $205.39 million. During the same period in the prior year, the company earned ($1.90) earnings per share. The company's revenue was up 7.4% compared to the same quarter last year. Research analysts forecast that SolarEdge Technologies will post -4.54 EPS for the current fiscal year.

Insider Activity

In related news, Chairman More Avery bought 30,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $13.70 per share, for a total transaction of $411,000.00. Following the completion of the acquisition, the chairman now owns 274,478 shares in the company, valued at $3,760,348.60. This trade represents a 12.27 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.67% of the company's stock.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC acquired a new position in shares of SolarEdge Technologies during the 4th quarter valued at $227,000. Grantham Mayo Van Otterloo & Co. LLC boosted its position in shares of SolarEdge Technologies by 14.9% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company's stock worth $67,370,000 after buying an additional 641,915 shares during the period. Headlands Technologies LLC acquired a new stake in shares of SolarEdge Technologies in the fourth quarter valued at about $257,000. Assenagon Asset Management S.A. boosted its holdings in SolarEdge Technologies by 182.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company's stock worth $11,888,000 after acquiring an additional 564,490 shares during the period. Finally, Renaissance Technologies LLC grew its position in SolarEdge Technologies by 79.6% in the fourth quarter. Renaissance Technologies LLC now owns 627,700 shares of the semiconductor company's stock valued at $8,537,000 after acquiring an additional 278,200 shares in the last quarter. Hedge funds and other institutional investors own 95.10% of the company's stock.

About SolarEdge Technologies

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.

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