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

SolarEdge Technologies, Inc. (NASDAQ:SEDG) – Analysts at B. Riley cut their Q1 2024 earnings estimates for shares of SolarEdge Technologies in a research report issued on Monday, April 22nd. B. Riley analyst C. Souther now anticipates that the semiconductor company will post earnings per share of ($1.75) for the quarter, down from their prior estimate 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.

Several other research analysts have also recently weighed in on SEDG. Royal Bank of Canada lowered their price target on shares of SolarEdge Technologies from $85.00 to $77.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 21st. Canaccord Genuity Group initiated coverage on shares of SolarEdge Technologies in a report on Tuesday, January 16th. They issued a “hold” rating and a $80.00 price objective on the stock. Piper Sandler reduced their price objective on shares of SolarEdge Technologies from $105.00 to $77.00 and set a “neutral” rating on the stock in a report on Wednesday, February 21st. Citigroup reduced their price objective on shares of SolarEdge Technologies from $89.00 to $83.00 and set a “neutral” rating on the stock in a report on Wednesday, February 21st. Finally, StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a report on Thursday, December 28th. Four research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, SolarEdge Technologies presently has a consensus rating of “Hold” and a consensus price target of $98.38.

SolarEdge Technologies Trading Up 1.9 %

Shares of SEDG stock opened at $57.86 on Thursday. The company’s 50-day moving average price is $68.43 and its 200-day moving average price is $78.27. The company has a current ratio of 3.70, a quick ratio of 2.08 and a debt-to-equity ratio of 0.28. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of 128.58 and a beta of 1.51. SolarEdge Technologies has a twelve month low of $53.59 and a twelve month high of $317.93.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SEDG. NBC Securities Inc. purchased a new position in shares of SolarEdge Technologies in the third quarter valued at $25,000. Manchester Capital Management LLC increased its position in shares of SolarEdge Technologies by 1,345.0% in the fourth quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 269 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of SolarEdge Technologies in the fourth quarter valued at $30,000. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of SolarEdge Technologies by 194.7% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 183 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in shares of SolarEdge Technologies by 1,066.7% in the first quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 640 shares in the last quarter. Hedge funds and other institutional investors own 95.10% of the company’s stock.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Director More Avery acquired 7,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was purchased at an average price of $67.75 per share, for a total transaction of $474,250.00. Following the completion of the transaction, the director now owns 77,446 shares of the company’s stock, valued at approximately $5,246,966.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.17% 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.