UBS Group Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $18.00

SolarEdge Technologies (NASDAQ:SEDG) had its price objective dropped by investment analysts at UBS Group from $26.00 to $18.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. UBS Group’s price target indicates a potential upside of 32.45% from the company’s previous close.

Several other brokerages have also recently issued reports on SEDG. TD Cowen decreased their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a report on Thursday. Canaccord Genuity Group decreased their price target on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Glj Research cut shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday, October 8th. Morgan Stanley cut their target price on shares of SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, October 8th. Finally, Barclays lowered their price target on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating on the stock in a report on Friday, October 11th. Nine investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $23.79.

SolarEdge Technologies Stock Performance

NASDAQ SEDG traded down $1.29 on Friday, hitting $13.59. 3,706,490 shares of the company’s stock traded hands, compared to its average volume of 3,453,928. The firm’s 50-day moving average price is $19.34 and its two-hundred day moving average price is $31.18. The firm has a market capitalization of $778.71 million, a PE ratio of -0.46 and a beta of 1.59. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. SolarEdge Technologies has a 1-year low of $12.38 and a 1-year high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The business had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 56.32%. The company’s revenue for the quarter was down 73.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.06 earnings per share. As a group, analysts expect that SolarEdge Technologies will post -8.85 EPS for the current year.

Institutional Trading of SolarEdge Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swedbank AB purchased a new stake in SolarEdge Technologies during the first quarter worth about $261,312,000. Vanguard Group Inc. increased its stake in SolarEdge Technologies by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after buying an additional 62,942 shares during the period. Quarry LP purchased a new stake in SolarEdge Technologies during the 2nd quarter worth approximately $36,627,000. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in SolarEdge Technologies by 0.3% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock worth $25,531,000 after buying an additional 2,795 shares in the last quarter. Finally, M&G PLC boosted its position in SolarEdge Technologies by 4.2% in the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock valued at $21,452,000 after buying an additional 38,001 shares during the period. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.