Wells Fargo & Company Has Lowered Expectations for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its target price reduced by equities researchers at Wells Fargo & Company from $19.00 to $15.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the semiconductor company's stock. Wells Fargo & Company's price objective points to a potential downside of 25.41% from the stock's previous close.

A number of other equities research analysts have also issued reports on the company. UBS Group raised their price target on SolarEdge Technologies from $18.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, February 20th. Royal Bank of Canada upped their price objective on SolarEdge Technologies from $14.00 to $15.00 and gave the stock a "sector perform" rating in a research note on Thursday, February 20th. Truist Financial cut their target price on SolarEdge Technologies from $15.00 to $14.00 and set a "hold" rating on the stock in a research note on Thursday, January 16th. The Goldman Sachs Group raised their price target on shares of SolarEdge Technologies from $21.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Finally, Northland Securities raised shares of SolarEdge Technologies from an "under perform" rating to a "market perform" rating and set a $12.50 target price for the company in a research report on Friday, April 25th. Ten investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, SolarEdge Technologies currently has a consensus rating of "Hold" and a consensus price target of $16.32.

SolarEdge Technologies Price Performance

NASDAQ SEDG traded up $0.27 during trading hours on Wednesday, reaching $20.11. 4,271,439 shares of the stock traded hands, compared to its average volume of 4,373,701. The stock has a 50 day simple moving average of $14.72 and a two-hundred day simple moving average of $14.65. The company has a market cap of $1.19 billion, a price-to-earnings ratio of -0.64 and a beta of 1.50. SolarEdge Technologies has a 1 year low of $10.24 and a 1 year high of $56.52. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, topping 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 company had revenue of $219.48 million for the quarter, compared to analysts' expectations of $205.39 million. During the same period in the prior year, the firm earned ($1.90) earnings per share. The firm's revenue for the quarter was up 7.4% on a year-over-year basis. On average, analysts predict that SolarEdge Technologies will post -4.54 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman More Avery acquired 30,000 shares of the stock in a transaction on Tuesday, March 4th. The stock was bought at an average cost of $13.70 per share, with a total value of $411,000.00. Following the transaction, the chairman now directly owns 274,478 shares in the company, valued at approximately $3,760,348.60. This represents a 12.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.67% of the company's stock.

Institutional Investors Weigh In On SolarEdge Technologies

Several large investors have recently modified their holdings of SEDG. Fifth Third Bancorp grew its position in SolarEdge Technologies by 93.7% during the 1st quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 790 shares during the last quarter. Millstone Evans Group LLC acquired a new stake in SolarEdge Technologies in the fourth quarter valued at approximately $27,000. Jones Financial Companies Lllp increased its holdings in shares of SolarEdge Technologies by 401.2% in the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 1,954 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of SolarEdge Technologies during the 1st quarter worth $35,000. Finally, Y.D. More Investments Ltd raised its stake in SolarEdge Technologies by 251.8% in the 4th quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company's stock valued at $53,000 after purchasing an additional 2,770 shares during the last quarter. 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.