SolarEdge Technologies (NASDAQ:SEDG) Given New $19.00 Price Target at JPMorgan Chase & Co.

SolarEdge Technologies (NASDAQ:SEDG) had its price objective trimmed by JPMorgan Chase & Co. from $21.00 to $19.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

A number of other research firms have also recently issued reports on SEDG. Bank of America cut shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $21.00 to $14.00 in a research report on Thursday, November 7th. Truist Financial dropped their price target on SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, January 16th. Canaccord Genuity Group upped their target price on SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Tuesday, January 7th. Morgan Stanley reissued an “underweight” rating and set a $9.00 price target (down from $23.00) on shares of SolarEdge Technologies in a research note on Friday, November 15th. Finally, The Goldman Sachs Group raised their price objective on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, January 7th. Eight investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.84.

SolarEdge Technologies Stock Up 4.1 %

Shares of NASDAQ:SEDG opened at $13.58 on Thursday. 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 firm has a 50 day moving average of $13.88 and a 200-day moving average of $19.06. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG) last issued its 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). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. During the same period in the prior year, the business posted ($1.03) EPS. The company’s revenue for the quarter was down 64.0% compared to the same quarter last year. As a group, equities research analysts expect that SolarEdge Technologies will post -23.2 EPS for the current year.

Insider Buying and Selling

In related news, Chairman More Avery acquired 156,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was purchased at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the acquisition, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.67% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. AMG National Trust Bank bought a new position in SolarEdge Technologies during the 3rd quarter valued at $4,055,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in SolarEdge Technologies by 683.1% during the third 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 grew its position in SolarEdge Technologies by 653.4% in 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 in the last quarter. Meitav Investment House Ltd. increased its stake in 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 buying an additional 51,065 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of SolarEdge Technologies in the 3rd quarter worth approximately $1,495,000. 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.