Wells Fargo & Company Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $15.00

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its price target reduced by stock analysts at Wells Fargo & Company from $19.00 to $15.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the semiconductor company's stock. Wells Fargo & Company's target price points to a potential downside of 0.91% from the company's current price.

Several other brokerages also recently weighed in on SEDG. The Goldman Sachs Group upped their price objective on SolarEdge Technologies from $21.00 to $31.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Morgan Stanley reissued an "underweight" rating and set a $10.00 price objective on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Northland Capmk raised SolarEdge Technologies from a "strong sell" rating to a "hold" rating in a research report on Friday, April 25th. Citigroup reaffirmed a "sell" rating and set a $9.00 price objective (down from $12.00) on shares of SolarEdge Technologies in a report on Wednesday, January 8th. Finally, Piper Sandler raised their target price on SolarEdge Technologies from $9.00 to $10.00 and gave the company an "underweight" rating in a research report on Thursday, February 20th. Ten investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $16.52.

SolarEdge Technologies Stock Up 5.3 %

Shares of NASDAQ SEDG opened at $15.14 on Wednesday. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. The company has a market cap of $893.73 million, a price-to-earnings ratio of -0.48 and a beta of 1.50. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $60.50. The firm's 50-day simple moving average is $14.58 and its 200 day simple moving average is $14.63.

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

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery acquired 30,000 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average cost of $13.70 per share, with a total value of $411,000.00. Following the completion of the acquisition, the chairman now owns 274,478 shares of the company's stock, valued at $3,760,348.60. The trade was a 12.27 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new position in SolarEdge Technologies in the 4th quarter valued at $17,909,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in SolarEdge Technologies by 10,038.2% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,109,225 shares of the semiconductor company's stock valued at $17,945,000 after buying an additional 1,098,284 shares in the last quarter. Ion Asset Management Ltd. bought a new position in SolarEdge Technologies during the 4th quarter worth approximately $12,005,000. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in shares of SolarEdge Technologies by 14.9% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company's stock valued at $67,370,000 after acquiring an additional 641,915 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in SolarEdge Technologies by 182.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company's stock worth $11,888,000 after purchasing an additional 564,490 shares during the period. Institutional investors and hedge funds 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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