SolarEdge Technologies (NASDAQ:SEDG) Given New $31.00 Price Target at JPMorgan Chase & Co.

SolarEdge Technologies (NASDAQ:SEDG) had its price objective decreased by JPMorgan Chase & Co. from $38.00 to $31.00 in a research report report published on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the semiconductor company’s stock.

SEDG has been the topic of a number of other research reports. Barclays reduced their target price on SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 7th. Morgan Stanley dropped their price target on SolarEdge Technologies from $35.00 to $33.00 and set an “equal weight” rating for the company in a research note on Friday, September 11th. UBS Group upgraded SolarEdge Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $36.00 to $42.00 in a report on Wednesday, August 26th. Mizuho increased their price objective on SolarEdge Technologies from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, September 11th. Finally, Wall Street Zen raised SolarEdge Technologies from a “sell” rating to a “hold” rating in a report on Sunday, November 1st. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $37.27.

SolarEdge Technologies Price Performance

Shares of NASDAQ:SEDG opened at $26.20 on Thursday. The company’s fifty day moving average price is $32.77 and its 200-day moving average price is $42.14. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of -6.89 and a beta of 1.31. SolarEdge Technologies has a one year low of $25.25 and a one year high of $81.25. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.12 and a quick ratio of 1.38.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, November 4th. The semiconductor company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.25. SolarEdge Technologies had a negative net margin of 17.34% and a negative return on equity of 19.80%. The firm had revenue of $325.40 million for the quarter, compared to analysts’ expectations of $326.78 million. During the same quarter last year, the company posted ($0.31) EPS. The business’s quarterly revenue was down 4.2% on a year-over-year basis. On average, equities research analysts anticipate that SolarEdge Technologies will post -1.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Legal & General Group Plc bought a new stake in SolarEdge Technologies during the 2nd quarter valued at $76,095,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in SolarEdge Technologies in the 2nd quarter worth $55,514,000. Bank of America Corp DE grew its holdings in SolarEdge Technologies by 218.6% in the 1st quarter. Bank of America Corp DE now owns 404,297 shares of the semiconductor company’s stock worth $20,639,000 after acquiring an additional 277,385 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of SolarEdge Technologies by 303.2% in the first quarter. Dimensional Fund Advisors LP now owns 314,066 shares of the semiconductor company’s stock valued at $16,031,000 after acquiring an additional 236,176 shares during the period. Finally, First Trust Advisors LP increased its position in shares of SolarEdge Technologies by 32.6% in 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. 95.10% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about SolarEdge Technologies

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

• Positive Sentiment: SolarEdge reported third-quarter EPS of $0.29, beating the $0.04 consensus estimate, and returned to profitability. Gross margins improved and cash flow was positive. SolarEdge Q3 earnings and outlook
• Negative Sentiment: Revenue of $325.4 million slightly missed expectations and fell 4.2% year over year. Management cited ongoing market uncertainty and reduced fourth-quarter revenue expectations; weak demand is clouding the recovery outlook. SolarEdge: Weak Demand Clouds The Recovery
• Negative Sentiment: Goldman Sachs cut its target from $29 to $25 and maintained a “sell” rating; Citigroup lowered its target from $30 to $24 and also rates the shares “sell.” These calls reinforce concerns about near-term prospects. Goldman Sachs analyst recommendations Citigroup analyst recommendations
• Negative Sentiment: JPMorgan lowered its target from $38 to $31 and Susquehanna from $32 to $31, with both keeping “neutral” ratings. The target cuts add to the cautious analyst tone. JPMorgan analyst recommendations Susquehanna analyst recommendations

About SolarEdge Technologies

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.