Canaccord Genuity Group Forecasts Strong Price Appreciation for SolarEdge Technologies (NASDAQ:SEDG) Stock

SolarEdge Technologies (NASDAQ:SEDG) had its target price raised by stock analysts at Canaccord Genuity Group from $14.00 to $16.50 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the semiconductor company’s stock. Canaccord Genuity Group’s price objective indicates a potential downside of 9.90% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Northland Securities upgraded SolarEdge Technologies from an “under perform” rating to a “market perform” rating and set a $12.50 price objective for the company in a research report on Friday, April 25th. Guggenheim reiterated a “sell” rating and issued a $5.00 price target on shares of SolarEdge Technologies in a research report on Wednesday, April 23rd. Barclays boosted their price objective on SolarEdge Technologies from $10.00 to $11.00 and gave the stock an “underweight” rating in a report on Wednesday, April 16th. Roth Mkm raised their target price on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, February 21st. Finally, The Goldman Sachs Group boosted their price target on shares of SolarEdge Technologies from $21.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Ten equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and an average target price of $16.32.

SolarEdge Technologies Stock Up 24.0 %

SEDG opened at $18.31 on Wednesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $56.52. The stock’s 50 day moving average price is $14.62 and its 200 day moving average price is $14.64. The stock has a market cap of $1.08 billion, a P/E ratio of -0.59 and a beta of 1.50.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.12. The company had revenue of $219.48 million for the quarter, compared to the consensus estimate of $205.39 million. SolarEdge Technologies had a negative return on equity of 95.05% and a negative net margin of 192.13%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.90) EPS. As a group, research analysts predict that SolarEdge Technologies will post -4.54 earnings per share for the current year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery acquired 30,000 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average price of $13.70 per share, with a total value of $411,000.00. Following the completion of the transaction, the chairman now owns 274,478 shares of the company’s stock, valued at approximately $3,760,348.60. This represents a 12.27 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Large investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp increased its position in shares of SolarEdge Technologies by 93.7% during the first quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 790 shares during the period. Millstone Evans Group LLC bought a new stake in SolarEdge Technologies in the 4th quarter valued at $27,000. Jones Financial Companies Lllp raised its stake in shares of SolarEdge Technologies by 401.2% in the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 1,954 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of SolarEdge Technologies during the 1st quarter worth about $35,000. Finally, Y.D. More Investments Ltd boosted its position in shares of SolarEdge Technologies by 251.8% during the 4th quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 2,770 shares in the last quarter. Institutional investors and hedge funds 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.