SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $10.00 at The Goldman Sachs Group

SolarEdge Technologies (NASDAQ:SEDG) had its price target dropped by equities research analysts at The Goldman Sachs Group from $19.00 to $10.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “sell” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price target would indicate a potential downside of 26.09% from the stock’s previous close.

SEDG has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft lowered their price objective on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. William Blair began coverage on SolarEdge Technologies in a research report on Thursday, August 29th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. lowered their price target on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Barclays lowered their price target on SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating on the stock in a research report on Friday, October 11th. Finally, Scotiabank lowered their price target on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Nine analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, SolarEdge Technologies has an average rating of “Hold” and a consensus price target of $23.79.

SolarEdge Technologies Stock Performance

Shares of SEDG stock traded down $1.35 during trading hours on Thursday, reaching $13.53. 7,877,671 shares of the company’s stock were exchanged, compared to its average volume of 3,473,123. SolarEdge Technologies has a fifty-two week low of $12.38 and a fifty-two week high of $103.15. The stock has a market capitalization of $775.27 million, a P/E ratio of -0.47 and a beta of 1.59. The business has a fifty day moving average price of $19.12 and a 200-day moving average price of $30.89. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The firm had revenue of $265.41 million for the quarter, compared to the consensus estimate of $264.31 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 56.32%. The business’s revenue for the quarter was down 73.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.06 earnings per share. Analysts predict that SolarEdge Technologies will post -8.85 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds have recently added to or reduced their stakes in SEDG. GSA Capital Partners LLP lifted its stake in SolarEdge Technologies by 113.3% in the first quarter. GSA Capital Partners LLP now owns 12,379 shares of the semiconductor company’s stock valued at $879,000 after buying an additional 6,576 shares during the period. Texas Permanent School Fund Corp lifted its stake in SolarEdge Technologies by 1.2% in the first quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock valued at $3,525,000 after buying an additional 585 shares during the period. Swiss National Bank raised its position in shares of SolarEdge Technologies by 0.5% during the first quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after purchasing an additional 600 shares during the period. ProShare Advisors LLC raised its position in shares of SolarEdge Technologies by 24.9% during the first quarter. ProShare Advisors LLC now owns 10,030 shares of the semiconductor company’s stock worth $712,000 after purchasing an additional 1,997 shares during the period. Finally, State Board of Administration of Florida Retirement System acquired a new stake in shares of SolarEdge Technologies during the first quarter worth about $236,000. 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.