JPMorgan Chase & Co. Lowers SolarEdge Technologies (NASDAQ:SEDG) Price Target to $19.00

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

Several other analysts have also issued reports on the stock. Bank of America lowered shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $21.00 to $14.00 in a research report on Thursday, November 7th. TD Cowen dropped their target price on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, November 7th. Barclays lifted their price target on SolarEdge Technologies from $7.00 to $10.00 and gave the company an “underweight” rating in a research report on Tuesday, January 14th. Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $17.00 to $9.00 in a report on Thursday, November 7th. Finally, UBS Group reduced their target price on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Eight analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, SolarEdge Technologies presently has an average rating of “Hold” and an average price target of $20.84.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock opened at $13.58 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The firm has a 50 day moving average price of $13.88 and a 200-day moving average price of $19.06. SolarEdge Technologies has a twelve month low of $10.24 and a twelve 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 (EPS) for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.03) earnings per share. On average, sell-side analysts predict that SolarEdge Technologies will post -23.2 EPS for the current year.

Insider Buying and Selling at SolarEdge Technologies

In related news, Chairman More Avery acquired 156,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in shares of SolarEdge Technologies by 42.6% in the second quarter. Dimensional Fund Advisors LP now owns 151,099 shares of the semiconductor company’s stock worth $3,817,000 after purchasing an additional 45,130 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in SolarEdge Technologies in the 2nd quarter worth approximately $2,688,000. Hsbc Holdings PLC grew its position in shares of SolarEdge Technologies by 79.8% in the 2nd quarter. Hsbc Holdings PLC now owns 42,702 shares of the semiconductor company’s stock worth $1,062,000 after buying an additional 18,946 shares during the last quarter. Ensign Peak Advisors Inc increased its stake in shares of SolarEdge Technologies by 10.5% during the second quarter. Ensign Peak Advisors Inc now owns 18,491 shares of the semiconductor company’s stock valued at $467,000 after buying an additional 1,750 shares during the period. Finally, ProShare Advisors LLC raised its holdings in shares of SolarEdge Technologies by 15.6% during the second quarter. ProShare Advisors LLC now owns 11,599 shares of the semiconductor company’s stock valued at $293,000 after acquiring an additional 1,569 shares in the last quarter. 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.