Fintel reports that on October 2, 2023, Barclays downgraded their outlook for Solaredge Technologies (NASDAQ:SEDG) from Overweight to Equal-Weight.

Analyst Price Forecast Suggests 132.21% Upside

As of August 31, 2023, the average one-year price target for Solaredge Technologies is 300.73. The forecasts range from a low of 104.99 to a high of $403.20. The average price target represents an increase of 132.21% from its latest reported closing price of 129.51.

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The projected annual revenue for Solaredge Technologies is 4,101MM, an increase of 11.97%. The projected annual non-GAAP EPS is 8.57.

What is the Fund Sentiment?

There are 1281 funds or institutions reporting positions in Solaredge Technologies. This is a decrease of 68 owner(s) or 5.04% in the last quarter. Average portfolio weight of all funds dedicated to SEDG is 0.35%, a decrease of 22.43%. Total shares owned by institutions increased in the last three months by 1.39% to 52,794K shares. The put/call ratio of SEDG is 0.85, indicating a bullish outlook.

What are Other Shareholders Doing?

Jpmorgan Chase holds 1,668K shares representing 2.95% ownership of the company. In it’s prior filing, the firm reported owning 1,548K shares, representing an increase of 7.16%. The firm decreased its portfolio allocation in SEDG by 14.95% over the last quarter.

D. E. Shaw holds 1,504K shares representing 2.66% ownership of the company. In it’s prior filing, the firm reported owning 896K shares, representing an increase of 40.44%. The firm increased its portfolio allocation in SEDG by 80.11% over the last quarter.

Invesco holds 1,472K shares representing 2.60% ownership of the company. In it’s prior filing, the firm reported owning 1,378K shares, representing an increase of 6.42%. The firm increased its portfolio allocation in SEDG by 860.38% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 1,342K shares representing 2.37% ownership of the company. In it’s prior filing, the firm reported owning 1,304K shares, representing an increase of 2.79%. The firm decreased its portfolio allocation in SEDG by 17.53% over the last quarter.

Schroder Investment Management Group holds 1,229K shares representing 2.17% ownership of the company. In it’s prior filing, the firm reported owning 1,210K shares, representing an increase of 1.52%. The firm increased its portfolio allocation in SEDG by 278.07% over the last quarter.

Solaredge Technologies Background Information
(This description is provided by the company.)

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power lives aof people and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions.

This article originally appeared on Fintel

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