SolarEdge Technologies (NASDAQ:SEDG) has seen its price target increased from $30.00 to $40.00 by UBS Group, according to a research report released on October 13, 2023. The firm currently maintains a neutral rating on the semiconductor company’s stock, reflecting a cautious optimism in the market.
Several analysts have recently revised their price targets for SolarEdge Technologies. Roth Capital raised its target from $15.00 to $25.00, also assigning a neutral rating. Similarly, Wells Fargo & Company increased its target from $24.00 to $42.00 while maintaining an “equal weight” rating. Royal Bank of Canada adjusted its price target from $25.00 to $34.00, giving the stock a “sector perform” rating. Morgan Stanley, on the other hand, raised its target from $25.00 to $27.00 but designated the stock as “underweight.”
According to data from MarketBeat.com, 18 investment analysts have designated the stock with a Hold rating, while 10 have issued Sell ratings. The average rating across analysts is “Reduce,” with an average price target of approximately $24.62.
Recent Earnings Report Highlights
SolarEdge Technologies released its quarterly earnings results on November 5, 2023. The company reported earnings per share (EPS) of ($0.31), surpassing the consensus estimate of ($0.43) by $0.12. The semiconductor firm reported revenue of $339.70 million for the quarter, exceeding analysts’ expectations of $331.13 million. This represents a significant year-over-year increase, with quarterly revenue up by 30.4% compared to the same period last year.
Despite these positive earnings, SolarEdge Technologies faced challenges, including a negative return on equity of 191.53% and a negative net margin of 177.64%. For the current fiscal year, analysts project an EPS of ($4.54).
Institutional Investment Trends
Institutional investors remain heavily involved in SolarEdge Technologies. Recent reports indicate that several hedge funds have modified their stakes in the company. U.S. Capital Wealth Advisors LLC acquired a new position valued at $204,000 during the second quarter. Bayforest Capital Ltd increased its stake by 49.8%, now owning 85,461 shares valued at approximately $1.74 million after purchasing an additional 28,425 shares.
Other notable transactions include Phoenix Financial Ltd acquiring a new stake valued at $216,000 and Migdal Insurance & Financial Holdings Ltd increasing its holdings by an extraordinary 10,038.2% in the first quarter. Migdal now owns over 1.1 million shares valued at about $17.95 million. Currently, institutional investors hold approximately 95.10% of SolarEdge Technologies’ stock.
SolarEdge Technologies, Inc., with its subsidiaries, specializes in designing, developing, manufacturing, and selling direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations across various regions, including the United States and Europe. The company operates in two primary segments: Solar and Energy Storage, positioning itself as a significant player in the renewable energy sector.