SolarEdge Technologies (NASDAQ:SEDG) Reaches New 52-Week Low Following Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares hit a new 52-week low during mid-day trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $49.00 to $25.00. The Goldman Sachs Group currently has a sell rating on the stock. SolarEdge Technologies traded as low as $24.45 and last traded at $24.76, with a volume of 652326 shares traded. The stock had previously closed at $24.99.

SEDG has been the topic of several other research reports. Roth Mkm reduced their target price on shares of SolarEdge Technologies from $76.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 7th. Piper Sandler decreased their price objective on shares of SolarEdge Technologies from $53.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday. Northland Securities cut shares of SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 9th. B. Riley reduced their target price on SolarEdge Technologies from $133.00 to $124.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Finally, Susquehanna cut SolarEdge Technologies from a “positive” rating to a “neutral” rating and dropped their price target for the company from $92.00 to $56.00 in a report on Monday, May 13th. Four research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $76.35.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Northern Trust Corp lifted its position in shares of SolarEdge Technologies by 7.7% in the third quarter. Northern Trust Corp now owns 421,918 shares of the semiconductor company’s stock worth $54,643,000 after purchasing an additional 30,153 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in SolarEdge Technologies by 318.0% during the third quarter. Tower Research Capital LLC TRC now owns 8,168 shares of the semiconductor company’s stock worth $1,058,000 after acquiring an additional 6,214 shares in the last quarter. California State Teachers Retirement System boosted its position in SolarEdge Technologies by 4.6% during the third quarter. California State Teachers Retirement System now owns 75,609 shares of the semiconductor company’s stock valued at $9,792,000 after purchasing an additional 3,311 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of SolarEdge Technologies during the 3rd quarter worth approximately $3,702,000. Finally, Quadrature Capital Ltd raised its position in SolarEdge Technologies by 290.4% during the third quarter. Quadrature Capital Ltd now owns 28,076 shares of the semiconductor company’s stock worth $3,634,000 after acquiring an additional 20,885 shares in the last quarter. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.19 and a current ratio of 4.54. The company has a market capitalization of $1.45 billion, a P/E ratio of -5.43 and a beta of 1.62. The stock’s fifty day moving average price is $48.21 and its 200-day moving average price is $65.67.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. The business had revenue of $204.40 million during the quarter, compared to the consensus estimate of $194.82 million. As a group, research analysts anticipate that SolarEdge Technologies, Inc. will post -6.3 EPS for the current fiscal year.

About SolarEdge Technologies

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.