Bank of America Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $44.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price reduced by Bank of America from $54.00 to $44.00 in a report issued on Friday morning, Benzinga reports. Bank of America currently has an underperform rating on the semiconductor company’s stock.

A number of other research analysts also recently issued reports on SEDG. Scotiabank reduced their price objective on shares of SolarEdge Technologies from $93.00 to $90.00 and set a sector perform rating on the stock in a research report on Wednesday, February 21st. Mizuho reduced their target price on SolarEdge Technologies from $104.00 to $84.00 and set a buy rating on the stock in a report on Friday. B. Riley lowered their target price on SolarEdge Technologies from $133.00 to $124.00 and set a buy rating for the company in a research note on Monday, April 22nd. Barclays upped their price target on SolarEdge Technologies from $50.00 to $61.00 and gave the stock an underweight rating in a research note on Tuesday, April 16th. Finally, Royal Bank of Canada lowered their price objective on SolarEdge Technologies from $74.00 to $71.00 and set a sector perform rating for the company in a research report on Thursday, May 9th. Four equities research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $87.12.

SolarEdge Technologies Stock Up 5.5 %

Shares of NASDAQ:SEDG opened at $52.21 on Friday. SolarEdge Technologies has a 12-month low of $48.82 and a 12-month high of $313.55. The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30. The stock’s 50-day moving average price is $63.64 and its 200-day moving average price is $73.26. The stock has a market capitalization of $2.99 billion, a P/E ratio of -11.23 and a beta of 1.53.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) EPS for the quarter, topping analysts’ consensus estimates of ($2.01) by $0.60. SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. The business had revenue of $316.04 million for the quarter, compared to analysts’ expectations of $319.97 million. On average, equities analysts anticipate that SolarEdge Technologies will post -4.68 earnings per share for the current year.

Insider Buying and Selling

In related news, Director More Avery purchased 7,000 shares of SolarEdge Technologies stock in a transaction on Thursday, February 29th. The stock was acquired at an average price of $67.75 per share, for a total transaction of $474,250.00. Following the completion of the transaction, the director now directly owns 77,446 shares in the company, valued at approximately $5,246,966.50. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 1.17% of the stock is owned by insiders.

Institutional Trading of SolarEdge Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Altshuler Shaham Ltd raised its holdings in SolarEdge Technologies by 143.8% during the third quarter. Altshuler Shaham Ltd now owns 20,856 shares of the semiconductor company’s stock valued at $2,701,000 after acquiring an additional 12,302 shares during the period. International Assets Investment Management LLC lifted its holdings in SolarEdge Technologies by 20,293.3% in the 4th quarter. International Assets Investment Management LLC now owns 103,802 shares of the semiconductor company’s stock worth $9,716,000 after purchasing an additional 103,293 shares in the last quarter. Royal London Asset Management Ltd. lifted its holdings in SolarEdge Technologies by 5.4% in the 3rd quarter. Royal London Asset Management Ltd. now owns 21,492 shares of the semiconductor company’s stock worth $2,782,000 after purchasing an additional 1,101 shares in the last quarter. Compagnie Lombard Odier SCmA boosted its stake in SolarEdge Technologies by 250.0% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 700 shares of the semiconductor company’s stock worth $66,000 after purchasing an additional 500 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in SolarEdge Technologies by 129.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,814 shares of the semiconductor company’s stock valued at $19,264,000 after buying an additional 116,176 shares in the last quarter. 95.10% of the stock is 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.