B. Riley Weighs in on SolarEdge Technologies, Inc.’s Q1 2024 Earnings (NASDAQ:SEDG)

SolarEdge Technologies, Inc. (NASDAQ:SEDG) – B. Riley lowered their Q1 2024 EPS estimates for shares of SolarEdge Technologies in a note issued to investors on Monday, April 22nd. B. Riley analyst C. Souther now expects that the semiconductor company will post earnings of ($1.75) per share for the quarter, down from their prior forecast of ($1.23). B. Riley has a “Buy” rating and a $124.00 price target on the stock. The consensus estimate for SolarEdge Technologies’ current full-year earnings is ($4.17) per share. B. Riley also issued estimates for SolarEdge Technologies’ Q2 2024 earnings at ($1.47) EPS, Q3 2024 earnings at ($1.00) EPS, Q4 2024 earnings at ($0.17) EPS, FY2024 earnings at ($4.38) EPS and FY2025 earnings at $2.03 EPS.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.01) by $0.60. The company had revenue of $316.04 million for the quarter, compared to analysts’ expectations of $319.97 million. SolarEdge Technologies had a net margin of 1.15% and a return on equity of 5.00%.

SEDG has been the topic of several other research reports. Scotiabank lowered their target price on shares of SolarEdge Technologies from $93.00 to $90.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 21st. Barclays upped their target price on shares of SolarEdge Technologies from $50.00 to $61.00 and gave the company an “underweight” rating in a research note on Tuesday, April 16th. Canaccord Genuity Group initiated coverage on shares of SolarEdge Technologies in a research note on Tuesday, January 16th. They set a “hold” rating and a $80.00 target price on the stock. The Goldman Sachs Group reduced their price target on shares of SolarEdge Technologies from $83.00 to $71.00 and set a “sell” rating for the company in a research report on Wednesday, January 24th. Finally, TD Cowen reduced their price target on shares of SolarEdge Technologies from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, February 21st. Four investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $98.38.

SolarEdge Technologies Price Performance

SEDG opened at $57.86 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.08 and a current ratio of 3.70. The stock has a market capitalization of $3.31 billion, a P/E ratio of 128.58 and a beta of 1.51. The company’s 50-day simple moving average is $68.43 and its two-hundred day simple moving average is $78.27. SolarEdge Technologies has a 52-week low of $53.59 and a 52-week high of $317.93.

Insider Activity at SolarEdge Technologies

In other SolarEdge Technologies news, Director More Avery bought 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average price of $67.75 per share, with a total value of $474,250.00. Following the purchase, the director now owns 77,446 shares of the company’s stock, valued at $5,246,966.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.17% of the stock is owned by corporate insiders.

Institutional Trading of SolarEdge Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in SEDG. CWM LLC raised its stake in SolarEdge Technologies by 94.0% during the 3rd quarter. CWM LLC now owns 648 shares of the semiconductor company’s stock valued at $84,000 after purchasing an additional 314 shares during the period. SG Americas Securities LLC increased its stake in SolarEdge Technologies by 40.2% in the 3rd quarter. SG Americas Securities LLC now owns 14,446 shares of the semiconductor company’s stock worth $1,871,000 after acquiring an additional 4,143 shares during the last quarter. Flagship Harbor Advisors LLC increased its stake in SolarEdge Technologies by 46.1% in the 3rd quarter. Flagship Harbor Advisors LLC now owns 3,529 shares of the semiconductor company’s stock worth $457,000 after acquiring an additional 1,114 shares during the last quarter. Czech National Bank increased its stake in SolarEdge Technologies by 48.2% in the 3rd quarter. Czech National Bank now owns 9,885 shares of the semiconductor company’s stock worth $1,280,000 after acquiring an additional 3,215 shares during the last quarter. Finally, Slow Capital Inc. increased its stake in SolarEdge Technologies by 10.6% in the 3rd quarter. Slow Capital Inc. now owns 29,785 shares of the semiconductor company’s stock worth $3,857,000 after acquiring an additional 2,858 shares during the last quarter. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Company Profile

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.