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

SolarEdge Technologies (NASDAQ:SEDG) had its target price hoisted by Canaccord Genuity Group from $18.00 to $19.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a hold rating on the semiconductor company’s stock.

SEDG has been the topic of several other research reports. Morgan Stanley upgraded SolarEdge Technologies from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $11.00 to $18.00 in a research note on Thursday. Northland Securities downgraded SolarEdge Technologies from a “market perform” rating to an “under perform” rating and set a $15.00 price target on the stock. in a research note on Thursday. Guggenheim upgraded SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Barclays upped their price target on SolarEdge Technologies from $7.00 to $10.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 14th. Finally, Roth Mkm cut their price target on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, SolarEdge Technologies currently has a consensus rating of “Hold” and an average price target of $21.53.

SolarEdge Technologies Trading Down 7.3 %

SEDG stock opened at $18.19 on Thursday. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $78.40. The business’s 50 day moving average price is $14.50 and its two-hundred day moving average price is $17.29. The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of SolarEdge Technologies by 14.9% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock worth $67,370,000 after buying an additional 641,915 shares during the period. Invesco Ltd. increased its holdings in SolarEdge Technologies by 5.0% in the 4th quarter. Invesco Ltd. now owns 2,445,164 shares of the semiconductor company’s stock worth $33,254,000 after acquiring an additional 116,809 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in SolarEdge Technologies during the 4th quarter worth approximately $17,909,000. Legal & General Group Plc raised its stake in SolarEdge Technologies by 67.6% during the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company’s stock worth $17,262,000 after acquiring an additional 512,035 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in SolarEdge Technologies by 1.3% during the fourth quarter. Two Sigma Investments LP now owns 1,254,397 shares of the semiconductor company’s stock valued at $17,060,000 after purchasing an additional 16,258 shares in the last quarter. 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.