Equities Analysts Offer Predictions for SolarEdge Technologies, Inc.’s Q1 2024 Earnings (NASDAQ:SEDG)

SolarEdge Technologies, Inc. (NASDAQ:SEDG) – Research analysts at KeyCorp issued their Q1 2024 earnings estimates for shares of SolarEdge Technologies in a note issued to investors on Monday, April 22nd. KeyCorp analyst S. Karp anticipates that the semiconductor company will post earnings of ($2.11) per share for the quarter. The consensus estimate for SolarEdge Technologies’ current full-year earnings is ($4.60) per share. KeyCorp also issued estimates for SolarEdge Technologies’ Q2 2024 earnings at ($1.69) EPS, Q3 2024 earnings at ($0.78) EPS and Q4 2024 earnings at ($0.20) EPS.

Other research analysts have also issued reports about the stock. Barclays boosted their price target on shares of SolarEdge Technologies from $50.00 to $61.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 16th. The Goldman Sachs Group decreased their price objective on shares of SolarEdge Technologies from $83.00 to $71.00 and set a “sell” rating on the stock in a report on Wednesday, January 24th. Citigroup decreased their price objective on shares of SolarEdge Technologies from $89.00 to $83.00 and set a “neutral” rating on the stock in a report on Wednesday, February 21st. Janney Montgomery Scott downgraded shares of SolarEdge Technologies from a “buy” rating to a “neutral” rating in a report on Friday, March 22nd. Finally, Truist Financial decreased their price objective on shares of SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating on the stock in a report on Thursday, February 22nd. Four research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $98.38.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock opened at $58.20 on Thursday. The stock has a market cap of $3.32 billion, a P/E ratio of 129.33 and a beta of 1.51. The company has a fifty day simple moving average of $67.32 and a 200-day simple moving average of $77.98. SolarEdge Technologies has a 12-month low of $53.59 and a 12-month high of $315.34. The company has a current ratio of 3.70, a quick ratio of 2.08 and a debt-to-equity ratio of 0.28.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.01) by $0.60. The business had revenue of $316.04 million during the quarter, compared to analysts’ expectations of $319.97 million. SolarEdge Technologies had a net margin of 1.15% and a return on equity of 5.00%.

Institutional Trading of SolarEdge Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Yelin Lapidot Holdings Management Ltd. raised its holdings in shares of SolarEdge Technologies by 0.6% in the 4th quarter. Yelin Lapidot Holdings Management Ltd. now owns 21,513 shares of the semiconductor company’s stock worth $2,014,000 after purchasing an additional 130 shares in the last quarter. Legacy Wealth Asset Management LLC increased its position in shares of SolarEdge Technologies by 9.4% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,684 shares of the semiconductor company’s stock worth $218,000 after acquiring an additional 145 shares in the last quarter. Liberty One Investment Management LLC increased its position in shares of SolarEdge Technologies by 4.2% in the fourth quarter. Liberty One Investment Management LLC now owns 3,683 shares of the semiconductor company’s stock worth $345,000 after acquiring an additional 148 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of SolarEdge Technologies by 194.7% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 183 shares in the last quarter. Finally, South Street Advisors LLC increased its position in shares of SolarEdge Technologies by 2.9% in the third quarter. South Street Advisors LLC now owns 6,512 shares of the semiconductor company’s stock worth $843,000 after acquiring an additional 185 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SolarEdge Technologies

In related news, Director More Avery purchased 7,000 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were bought at an average cost of $67.75 per share, for a total transaction of $474,250.00. Following the transaction, the director now owns 77,446 shares of the company’s stock, valued at $5,246,966.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.17% of the stock is currently owned by company insiders.

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.