SolarEdge Technologies has faced a revised price target from Citigroup, which lowered its estimate from $30.00 to $29.00 in a research report released on November 6, 2023. This adjustment places a “sell” rating on the semiconductor company’s stock, indicating a potential upside of only 1.73% from its current trading price.
Analysts Weigh In on SolarEdge’s Performance
The downgrade from Citigroup coincides with activity from other financial institutions. BMO Capital Markets raised its target price from $19.00 to $25.00, maintaining an “underperform” rating. Meanwhile, Wells Fargo & Company revised its price target upward from $24.00 to $42.00, assigning an “equal weight” rating. In contrast, Morgan Stanley shifted its stance from “underweight” to “equal weight” while increasing its target price from $27.00 to $33.00.
Additionally, Royal Bank of Canada adjusted its price target from $25.00 to $34.00 and gave SolarEdge a “sector perform” rating. Overall, 19 analysts have rated the stock as a hold, while nine have issued a sell rating. According to data from MarketBeat.com, the consensus rating for SolarEdge Technologies remains “Reduce,” with an average target price of $24.83.
Institutional Investors Increasing Holdings
Recent movements among institutional investors suggest a complex sentiment regarding SolarEdge Technologies. UBS Group AG has significantly increased its holdings by 234.8% during the third quarter, now owning 3,554,504 shares valued at approximately $131.5 million. Similarly, Assenagon Asset Management S.A. boosted its shares by an impressive 612.9%, accumulating 1,448,643 shares worth around $53.6 million.
Ion Asset Management Ltd. and Menora Mivtachim Holdings LTD. also increased their stakes, with Ion raising its position by 135.9% and Menora by 213.4%. Electron Capital Partners LLC raised its holdings by 107.8% during the same quarter. Collectively, hedge funds and institutional investors now own approximately 95.10% of SolarEdge’s stock.
SolarEdge Technologies specializes in the design, development, and manufacturing of 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 main segments: Solar and Energy Storage, contributing to its role in the renewable energy sector.
