Wells Fargo & Company Boosts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $24.00

Key Points

• Wells Fargo & Company raised the price target for SolarEdge Technologies from $15.00 to $24.00, maintaining an "equal weight" rating despite suggesting a potential downside of 8.02% from the stock's previous close.
• Other analysts have mixed opinions on SolarEdge, with ratings ranging from "strong sell" to "hold," suggesting a consensus price target of $18.88.
• SolarEdge Technologies recently experienced a trading increase of 6.8%, closing at $26.09, with a notable market cap of $1.54 billion.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its price target lifted by equities researchers at Wells Fargo & Company from $15.00 to $24.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the semiconductor company's stock. Wells Fargo & Company's price objective suggests a potential downside of 8.02% from the company's previous close.

Several other research analysts have also commented on SEDG. Glj Research lowered SolarEdge Technologies from a "hold" rating to a "strong sell" rating and set a $6.90 price objective on the stock. in a research report on Tuesday, June 17th. TD Cowen raised their target price on SolarEdge Technologies from $18.00 to $20.00 and gave the company a "hold" rating in a report on Friday. Canaccord Genuity Group upped their price target on SolarEdge Technologies from $14.00 to $16.50 and gave the stock a "hold" rating in a report on Wednesday, May 7th. Mizuho lifted their price objective on shares of SolarEdge Technologies from $18.00 to $29.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $27.00 target price on shares of SolarEdge Technologies in a research note on Wednesday, July 9th. Eleven analysts have rated the stock with a sell rating and nineteen have assigned a hold rating to the company's stock. According to MarketBeat.com, SolarEdge Technologies currently has an average rating of "Hold" and a consensus price target of $18.88.

SolarEdge Technologies Trading Up 6.8%

NASDAQ:SEDG traded up $1.67 on Friday, hitting $26.09. 1,299,819 shares of the stock were exchanged, compared to its average volume of 4,843,777. The stock has a fifty day moving average of $23.13 and a 200-day moving average of $18.09. The stock has a market cap of $1.54 billion, a PE ratio of -0.85 and a beta of 1.56. The company has a current ratio of 2.04, a quick ratio of 1.39 and a debt-to-equity ratio of 0.62. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $32.45.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The semiconductor company reported ($0.81) EPS for the quarter, meeting the consensus estimate of ($0.81). SolarEdge Technologies had a negative net margin of 182.81% and a negative return on equity of 127.53%. The firm had revenue of $289.43 million for the quarter, compared to analyst estimates of $270.03 million. During the same quarter last year, the firm posted ($1.79) earnings per share. SolarEdge Technologies's revenue for the quarter was up 9.0% compared to the same quarter last year. As a group, equities analysts expect that SolarEdge Technologies will post -4.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently bought and sold shares of SEDG. Point72 Asset Management L.P. bought a new stake in shares of SolarEdge Technologies during the fourth quarter valued at about $17,909,000. Ion Asset Management Ltd. increased its holdings in shares of SolarEdge Technologies by 135.9% in the first quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company's stock valued at $33,695,000 after buying an additional 1,199,801 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of SolarEdge Technologies by 10,038.2% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,109,225 shares of the semiconductor company's stock valued at $17,945,000 after acquiring an additional 1,098,284 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of SolarEdge Technologies by 67.6% in the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company's stock worth $17,262,000 after acquiring an additional 512,035 shares during the last quarter. Finally, Sphera Funds Management LTD. acquired a new stake in shares of SolarEdge Technologies during the fourth quarter worth $5,100,000. 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.

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