SolarEdge Technologies (NASDAQ:SEDG) Stock Price Target Cut by Citigroup

SolarEdge Technologies (NASDAQ:SEDG) had its price target dropped by analysts at Citigroup from $30.00 to $24.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “sell” rating on the semiconductor company’s stock. Citigroup‘s target price suggests a potential downside of 12.76% from the company’s current price.

Several other brokerages also recently issued reports on SEDG. BMO Capital Markets lowered their price target on SolarEdge Technologies from $31.00 to $28.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 21st. TD Cowen cut their price objective on SolarEdge Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Barclays decreased their target price on SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 7th. Weiss Ratings raised SolarEdge Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Finally, Morgan Stanley dropped their price target on SolarEdge Technologies from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Friday, September 11th. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $36.93.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG traded up $1.31 during trading hours on Thursday, hitting $27.51. 2,787,033 shares of the stock were exchanged, compared to its average volume of 2,438,225. SolarEdge Technologies has a one year low of $25.25 and a one year high of $81.25. The company’s 50 day moving average is $32.65 and its 200 day moving average is $42.12. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.03 and a quick ratio of 1.38. The firm has a market capitalization of $1.69 billion, a P/E ratio of -7.24 and a beta of 1.31.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 4th. The semiconductor company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.04 by $0.25. The firm had revenue of $325.40 million for the quarter, compared to the consensus estimate of $326.78 million. SolarEdge Technologies had a negative net margin of 20.29% and a negative return on equity of 29.17%. The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.31) EPS. On average, research analysts expect that SolarEdge Technologies will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp raised its position in shares of SolarEdge Technologies by 0.7% during the second quarter. State Street Corp now owns 1,761,901 shares of the semiconductor company’s stock valued at $102,965,000 after buying an additional 12,188 shares during the last quarter. Legal & General Group Plc acquired a new stake in SolarEdge Technologies during the second quarter worth about $76,095,000. Handelsbanken Fonder AB grew its position in SolarEdge Technologies by 16.6% during the second quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company’s stock worth $71,905,000 after buying an additional 175,281 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd bought a new position in SolarEdge Technologies during the second quarter valued at about $55,514,000. Finally, First Trust Advisors LP increased its stake in SolarEdge Technologies by 32.6% during the first quarter. First Trust Advisors LP now owns 916,358 shares of the semiconductor company’s stock valued at $46,780,000 after acquiring an additional 225,097 shares during the period. Institutional investors own 95.10% of the company’s stock.

Trending Headlines about SolarEdge Technologies

Here are the key news stories impacting SolarEdge Technologies this week:

• Positive Sentiment: SolarEdge’s quarterly earnings per share beat consensus expectations, helping drive unusually high trading volume. Revenue came in slightly below estimates, tempering the positive result. SolarEdge sees unusually high trading volume on better-than-expected earnings
• Neutral Sentiment: Susquehanna lowered its target from $32 to $31 but maintained a neutral rating; JPMorgan also kept a neutral rating while cutting its target from $38 to $31. Both targets remain above the reference share price. Susquehanna sets new price target
• Negative Sentiment: Royal Bank of Canada cut its target from $30 to $25 and rated the shares sector perform. Citigroup lowered its target from $30 to $24 with a sell rating, while Goldman Sachs cut its target from $29 to $25 and also rated the stock sell. These calls point to limited upside or potential downside. Royal Bank of Canada recommendations
• Negative Sentiment: Weak demand is seen as clouding SolarEdge’s recovery, adding to concerns that a rebound may take longer than hoped. SolarEdge: Weak Demand Clouds The Recovery

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.