SolarEdge Technologies (NASDAQ:SEDG) Hits New 12-Month Low After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price reached a new 52-week low during trading on Thursday after BMO Capital Markets lowered their price target on the stock from $21.00 to $12.00. BMO Capital Markets currently has a market perform rating on the stock. SolarEdge Technologies traded as low as $12.38 and last traded at $13.35, with a volume of 2649123 shares. The stock had previously closed at $14.68.

SEDG has been the subject of a number of other research reports. Roth Mkm reduced their price objective on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday. Royal Bank of Canada lowered their price objective on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 15th. Canaccord Genuity Group dropped their price objective on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Bank of America cut shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $21.00 to $14.00 in a report on Thursday. Finally, Glj Research lowered shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. Nine analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $24.26.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. GSA Capital Partners LLP raised its holdings in shares of SolarEdge Technologies by 113.3% in the 1st quarter. GSA Capital Partners LLP now owns 12,379 shares of the semiconductor company’s stock valued at $879,000 after acquiring an additional 6,576 shares in the last quarter. Texas Permanent School Fund Corp increased its stake in shares of SolarEdge Technologies by 1.2% during 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 buying an additional 585 shares during the period. Swiss National Bank raised its holdings in SolarEdge Technologies by 0.5% in the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after purchasing an additional 600 shares in the last quarter. ProShare Advisors LLC raised its stake in SolarEdge Technologies by 24.9% in the first quarter. ProShare Advisors LLC now owns 10,030 shares of the semiconductor company’s stock worth $712,000 after buying an additional 1,997 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new position in shares of SolarEdge Technologies in the 1st quarter valued at approximately $236,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

SolarEdge Technologies Price Performance

The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. The firm has a 50-day simple moving average of $19.34 and a 200 day simple moving average of $31.18. The firm has a market cap of $852.62 million, a PE ratio of -1.66 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $264.31 million. During the same quarter in the previous year, the company earned $2.06 EPS. The business’s quarterly revenue was down 73.2% on a year-over-year basis. As a group, equities analysts expect that SolarEdge Technologies, Inc. will post -8.85 EPS for the current 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.