JPMorgan Chase & Co. Lowers SolarEdge Technologies (NASDAQ:SEDG) Price Target to $29.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price decreased by research analysts at JPMorgan Chase & Co. from $35.00 to $29.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 64.96% from the stock’s current price.

SEDG has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Canaccord Genuity Group lowered their price objective on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Citigroup lowered their price objective on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday. Barclays lowered their price objective on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating on the stock in a report on Friday, October 11th. Finally, The Goldman Sachs Group lowered their price objective on shares of SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a report on Friday, August 9th. Seven investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies has a consensus rating of “Hold” and an average price target of $31.52.

SolarEdge Technologies Trading Up 3.4 %

NASDAQ:SEDG opened at $17.58 on Wednesday. The firm’s fifty day moving average is $21.55 and its 200-day moving average is $34.71. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. SolarEdge Technologies has a 52 week low of $16.45 and a 52 week high of $103.15. The firm has a market cap of $1.01 billion, a P/E ratio of -1.96 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The firm had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The company’s revenue for the quarter was down 73.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.06 earnings per share. Equities analysts expect that SolarEdge Technologies will post -8.75 earnings per share for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Swedbank AB bought a new position in SolarEdge Technologies during the first quarter worth about $261,312,000. Vanguard Group Inc. boosted its position in SolarEdge Technologies by 2.8% during the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after purchasing an additional 62,942 shares during the period. Quarry LP bought a new position in SolarEdge Technologies during the second quarter worth about $36,627,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in SolarEdge Technologies by 0.3% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock worth $25,531,000 after purchasing an additional 2,795 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after acquiring an additional 450,081 shares during the period. 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.