SolarEdge Technologies Hit with Reduced Price Target of $75 by Truist Financial

Investment analysts at Truist Financial have recently reduced the price target for SolarEdge Technologies (NASDAQ: SEDG) from the former $80.00 down to $75.00. This revision was mentioned in a detailed research report distributed to clients and investors on Thursday, as reported by financial news outlets. Along with the adjusted price target, the firm currently maintains a 'hold' rating on the stock of the semiconductor company, suggesting a modest optimism with a potential upside of 11.36% from the company's price at the time of the announcement.

Market Analyst Sentiment and Performance

The changes in SolarEdge Technologies' financial outlook are a result of multiple analyses from various research entities. Earlier, Scotiabank decreased their price objective for SolarEdge from $93.00 to $90.00, while Susquehanna cut its price target from $107.00 down to $97.00, both maintaining a neutral outlook on the stock's performance. Conversely, Barclays continued to hold an 'underweight' stance on the company, decreasing its price objective from $74.00 to $50.00. Wolfe Research altered their position on SolarEdge Technologies, downgrading it to a 'peer perform' rating from 'outperform.'

On another front, several brokerages have initiated or adjusted their coverage on SolarEdge. Canaccord Genuity Group started to cover the company, setting a 'hold' rating with an $80.00 price target. Aggregating these and other reports, SolarEdge Technologies holds an average 'Hold' rating from financial analysts and an average price target of $109.69, according to data compiled from MarketBeat.com.

SolarEdge's Current Market Standing

On the performance side, SEDG's stock opened at $67.35 on the back of the announcement, below the average trading metrics established over the recent period. The company had its ups and downs, marked by a fifty day moving average of $79.90 and a more considerable two-hundred day moving average of $103.91. Presently the company boasts a market capitalization of $3.83 billion, with a PE ratio at 149.67, revealing the high growth expectations of investors offset by a market sullen with skepticism about future earnings. Additionally, SolarEdge Technologies has displayed a range in its stock price, with a twelve-month low of $63.25 and an impressive twelve-month high of $339.50.

Influential Investors' Moves and Company Overview

The shifts in prices and ratings are closely watched by hedge funds and institutional investors, many of which have made significant modifications to their stakes in SolarEdge Technologies. For example, Manchester Capital Management LLC significantly increased their shares, now holding 289 shares valued around $27,000, while other firms like Harbour Investments Inc. doubled their small investments.

SolarEdge Technologies, Inc., with its subsidiaries, is engaged in creating and selling advanced direct current (DC) optimized inverter systems for solar photovoltaic installations globally. The company operates in both the Solar and All Other segments, offering a comprehensive range of products including inverters, power optimizers, and smart energy management solutions catered for residential, commercial, and small utility-scale installations. An integral part of their service is their robust cloud-based monitoring platform which collects, processes, and supervises solar PV system performance.

SolarEdge, PriceTarget, TruistFinancial