The Goldman Sachs Group Raises SolarEdge Technologies (NASDAQ:SEDG) Price Target to $21.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target hoisted by equities research analysts at The Goldman Sachs Group from $19.00 to $21.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 20.69% from the company’s previous close.

A number of other research firms have also recently weighed in on SEDG. Truist Financial cut their price objective on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a report on Friday, November 8th. TD Cowen lowered their price target on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, November 7th. Jefferies Financial Group downgraded SolarEdge Technologies from a “hold” rating to an “underperform” rating and cut their target price for the stock from $27.00 to $17.00 in a research note on Tuesday, September 17th. JPMorgan Chase & Co. decreased their price objective on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Finally, Royal Bank of Canada dropped their price target on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 15th. Seven equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $22.48.

SolarEdge Technologies Price Performance

Shares of NASDAQ:SEDG opened at $17.40 on Tuesday. The company has a market cap of $1.01 billion, a PE ratio of -0.60 and a beta of 1.56. SolarEdge Technologies has a twelve month low of $10.24 and a twelve month high of $87.98. The company’s 50 day moving average is $14.12 and its 200 day moving average is $20.06. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The business had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. SolarEdge Technologies’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.03) earnings per share. On average, sell-side analysts forecast that SolarEdge Technologies will post -19.18 EPS for the current year.

Insider Activity

In other SolarEdge Technologies news, Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were purchased at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its stake in SolarEdge Technologies by 23.7% during the second quarter. Bank of New York Mellon Corp now owns 357,830 shares of the semiconductor company’s stock worth $9,039,000 after buying an additional 68,444 shares during the period. Rhumbline Advisers boosted its stake in shares of SolarEdge Technologies by 3.6% in the second quarter. Rhumbline Advisers now owns 104,092 shares of the semiconductor company’s stock valued at $2,629,000 after purchasing an additional 3,572 shares during the period. Quest Partners LLC purchased a new stake in SolarEdge Technologies during the 2nd quarter worth approximately $294,000. Dimensional Fund Advisors LP raised its position in shares of SolarEdge Technologies by 42.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 151,099 shares of the semiconductor company’s stock valued at $3,817,000 after purchasing an additional 45,130 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of SolarEdge Technologies during the 2nd quarter valued at approximately $4,391,000. 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.