SolarEdge Technologies (NASDAQ:SEDG) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

SolarEdge Technologies (NASDAQ:SEDG) had its target price hoisted by Royal Bank of Canada from $14.00 to $15.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a sector perform rating on the semiconductor company’s stock.

A number of other equities research analysts have also weighed in on the stock. Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a report on Wednesday, November 20th. Citigroup reiterated a “sell” rating and set a $9.00 price target (down previously from $12.00) on shares of SolarEdge Technologies in a research note on Wednesday, January 8th. The Goldman Sachs Group raised their price objective on SolarEdge Technologies from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. Piper Sandler upped 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. Finally, StockNews.com raised shares of SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Ten investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $21.65.

SolarEdge Technologies Stock Down 3.1 %

SEDG stock opened at $17.62 on Thursday. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. SolarEdge Technologies has a 52 week low of $10.24 and a 52 week high of $78.40. The stock has a market capitalization of $1.02 billion, a PE ratio of -0.56 and a beta of 1.56. The firm has a 50 day moving average of $14.59 and a 200 day moving average of $17.20.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SEDG. Point72 Asset Management L.P. purchased a new stake in shares of SolarEdge Technologies during the fourth quarter worth about $17,909,000. Ion Asset Management Ltd. purchased a new stake in SolarEdge Technologies during the 4th quarter worth approximately $12,005,000. Grantham Mayo Van Otterloo & Co. LLC increased its stake in SolarEdge Technologies by 14.9% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock worth $67,370,000 after buying an additional 641,915 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of SolarEdge Technologies by 182.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock valued at $11,888,000 after acquiring an additional 564,490 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of SolarEdge Technologies by 67.6% in the fourth quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company’s stock valued at $17,262,000 after acquiring an additional 512,035 shares in the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.