Wells Fargo & Company Issues Positive Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its price objective boosted by investment analysts at Wells Fargo & Company from $15.00 to $19.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 4.63% from the stock’s current price.

SEDG has been the subject of a number of other reports. Roth Mkm decreased their target price on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. UBS Group decreased their price target on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, November 8th. StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Finally, Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $17.00 to $9.00 in a research report on Thursday, November 7th. Seven analysts have rated the stock with a sell rating, nineteen have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $22.08.

SolarEdge Technologies Stock Up 11.5 %

SEDG stock traded up $1.87 during mid-day trading on Tuesday, reaching $18.16. The company had a trading volume of 2,337,168 shares, compared to its average volume of 4,583,540. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $87.98. The firm has a fifty day simple moving average of $14.12 and a 200 day simple moving average of $20.06. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -0.63 and a beta of 1.56.

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

Insider Buying and Selling

In other news, Chairman More Avery acquired 156,000 shares of the stock in a transaction on Monday, November 11th. The stock was bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. AMG National Trust Bank purchased a new stake in SolarEdge Technologies during the 3rd quarter worth $4,055,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in SolarEdge Technologies by 683.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after purchasing an additional 220,304 shares during the last quarter. Mizuho Markets Americas LLC increased its holdings in SolarEdge Technologies by 653.4% during the 3rd quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock worth $4,315,000 after purchasing an additional 163,340 shares during the last quarter. Meitav Investment House Ltd. raised its position in shares of SolarEdge Technologies by 9.6% in the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after purchasing an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of SolarEdge Technologies during the 3rd quarter valued at approximately $1,495,000. 95.10% of the stock is currently 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.