SolarEdge Technologies (NASDAQ:SEDG) Sets New 12-Month Low on Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price hit a new 52-week low on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $35.00 to $29.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. SolarEdge Technologies traded as low as $16.24 and last traded at $16.24, with a volume of 179312 shares changing hands. The stock had previously closed at $17.58.

Several other analysts also recently weighed in on SEDG. Jefferies Financial Group downgraded shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and cut their price objective for the company from $27.00 to $17.00 in a research report on Tuesday, September 17th. Wells Fargo & Company lowered their target price on shares of SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 2nd. Scotiabank lowered their target price on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Canaccord Genuity Group lowered their target price on shares of SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating on the stock in a research note on Tuesday, June 25th. Finally, The Goldman Sachs Group lowered their target price on shares of SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a research note on Friday, August 9th. Seven analysts have rated the stock with a sell rating, twenty-two have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.52.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its position in shares of SolarEdge Technologies by 90.0% in the first quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 289 shares during the period. Trillium Asset Management LLC raised its position in shares of SolarEdge Technologies by 1.6% in the first quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock valued at $1,960,000 after purchasing an additional 427 shares during the period. Yelin Lapidot Holdings Management Ltd. raised its position in shares of SolarEdge Technologies by 5.1% in the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after purchasing an additional 564 shares during the period. Texas Permanent School Fund Corp raised its position in shares of SolarEdge Technologies by 1.2% in the first quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock valued at $3,525,000 after purchasing an additional 585 shares during the period. Finally, Swiss National Bank increased its position in SolarEdge Technologies by 0.5% during the first quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after acquiring an additional 600 shares during the period. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Price Performance

The stock’s 50-day moving average is $21.55 and its 200-day moving average is $34.71. The firm has a market cap of $856.35 million, a P/E ratio of -1.66 and a beta of 1.56. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company had revenue of $265.41 million for the quarter, compared to the consensus estimate of $264.31 million. During the same period last year, the firm posted $2.06 EPS. The company’s revenue was down 73.2% compared to the same quarter last year. As a group, equities analysts anticipate that SolarEdge Technologies, Inc. will post -8.75 EPS for the current fiscal year.

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.