SolarEdge Technologies (NASDAQ:SEDG) Price Target Raised to $15.00 at Royal Bank of Canada

SolarEdge Technologies (NASDAQ:SEDG) had its target price lifted by research analysts at Royal Bank of Canada from $14.00 to $15.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the semiconductor company’s stock. Royal Bank of Canada’s target price indicates a potential downside of 15.37% from the stock’s previous close.

A number of other research firms have also recently commented on SEDG. Citigroup restated a “sell” rating and issued a $9.00 price objective (down from $12.00) on shares of SolarEdge Technologies in a research report on Wednesday, January 8th. Mizuho cut SolarEdge Technologies from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $35.00 to $11.00 in a research report on Thursday, November 7th. Wells Fargo & Company lowered their target price on shares of SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. Glj Research upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. Finally, Bank of America lowered shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $21.00 to $14.00 in a research report on Thursday, November 7th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $20.92.

SolarEdge Technologies Stock Performance

SEDG traded down $1.91 during midday trading on Thursday, hitting $17.73. 4,871,133 shares of the company were exchanged, compared to its average volume of 4,782,559. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -0.60 and a beta of 1.56. The company’s 50 day simple moving average is $14.40 and its 200 day simple moving average is $17.29. SolarEdge Technologies has a 1-year low of $10.24 and a 1-year high of $78.40.

Institutional Trading of SolarEdge Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. purchased a new stake in SolarEdge Technologies during the 4th quarter worth about $17,909,000. Ion Asset Management Ltd. purchased a new stake in SolarEdge Technologies during the 4th quarter valued at approximately $12,005,000. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in shares of SolarEdge Technologies by 14.9% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock valued at $67,370,000 after purchasing an additional 641,915 shares during the period. Assenagon Asset Management S.A. increased its stake in SolarEdge Technologies by 182.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock valued at $11,888,000 after buying an additional 564,490 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of SolarEdge Technologies by 67.6% in the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company’s stock worth $17,262,000 after acquiring an additional 512,035 shares during the period. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

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.