SolarEdge Technologies Inc. (SEDG) Lowered to “Market Perform” at FBR & Co
SolarEdge Technologies Inc. (NASDAQ:SEDG) was downgraded by equities researchers at FBR & Co from an “outperform” rating to a “market perform” rating in a research report issued on Thursday. They currently have a $17.00 price objective on the stock, down from their previous price objective of $32.00. FBR & Co’s price objective would suggest a potential upside of 21.43% from the stock’s current price.
Several other analysts also recently issued reports on the company. Goldman Sachs Group Inc. reissued a “sell” rating and issued a $13.00 price target on shares of SolarEdge Technologies in a research note on Wednesday, October 26th. Axiom Securities began coverage on SolarEdge Technologies in a research report on Friday, October 14th. They issued a “sell” rating and a $10.00 target price on the stock. JMP Securities reaffirmed a “buy” rating on shares of SolarEdge Technologies in a research report on Friday, September 23rd. Canaccord Genuity reaffirmed a “buy” rating and issued a $27.00 target price on shares of SolarEdge Technologies in a research report on Friday, September 23rd. Finally, Needham & Company LLC lowered their target price on SolarEdge Technologies from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, September 14th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $22.45.
SolarEdge Technologies (NASDAQ:SEDG) opened at 14.00 on Thursday. The firm has a market cap of $572.57 million, a PE ratio of 8.09 and a beta of -0.22. The firm has a 50-day moving average price of $15.12 and a 200 day moving average price of $18.39. SolarEdge Technologies has a 12-month low of $12.70 and a 12-month high of $30.50.
SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 9th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.05. SolarEdge Technologies had a return on equity of 31.51% and a net margin of 15.64%. The firm had revenue of $128.50 million for the quarter, compared to the consensus estimate of $132.28 million. During the same quarter last year, the business posted $0.36 EPS. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. Equities research analysts forecast that SolarEdge Technologies will post $1.77 EPS for the current year.
Several large investors have recently modified their holdings of the company. Guinness Asset Management Ltd boosted its stake in shares of SolarEdge Technologies by 42.1% in the second quarter. Guinness Asset Management Ltd now owns 8,100 shares of the company’s stock worth $159,000 after buying an additional 2,400 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new stake in shares of SolarEdge Technologies during the second quarter worth about $196,000. Raymond James & Associates purchased a new stake in shares of SolarEdge Technologies during the second quarter worth about $207,000. Firsthand Capital Management Inc. purchased a new stake in shares of SolarEdge Technologies during the second quarter worth about $216,000. Finally, Quotient Investors LLC purchased a new stake in shares of SolarEdge Technologies during the second quarter worth about $220,000. Institutional investors own 61.10% of the company’s stock.
About SolarEdge Technologies
Solaredge Technologies Inc (SolarEdge) is a provider of solar power harvesting and photovoltaic (PV) monitoring solutions. The Company’s portfolio of products includes power optimizers, PV inverters and a Web portal for module-level monitoring and fault detection. Its SolarEdge power optimizer is a DC/DC converter which is connected by installers to each PV module or embedded by module manufacturers, replacing the solar junction box.
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