SolarEdge Technologies (NASDAQ:SEDG) Trading Down 7.6% After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price fell 7.6% on Friday after Barclays lowered their price target on the stock from $17.00 to $7.00. Barclays currently has an underperform rating on the stock. SolarEdge Technologies traded as low as $11.78 and last traded at $11.85. 2,109,526 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 3,542,659 shares. The stock had previously closed at $12.83.

Several other equities analysts also recently issued reports on the stock. UBS Group cut their price target on shares of SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, November 8th. JPMorgan Chase & Co. reduced their target price on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft dropped their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 9th. The Goldman Sachs Group decreased their target price on SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating on the stock in a report on Thursday, November 7th. Finally, Piper Sandler lowered SolarEdge Technologies from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $17.00 to $9.00 in a research note on Thursday, November 7th. Ten investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $22.79.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was purchased at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares in the company, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors have recently modified their holdings of the business. Swedbank AB acquired a new stake in SolarEdge Technologies during the 1st quarter worth approximately $261,312,000. Vanguard Group Inc. raised its position in SolarEdge Technologies by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after buying an additional 62,942 shares during the last quarter. Quarry LP bought a new stake in SolarEdge Technologies in the 2nd quarter valued at approximately $36,627,000. Two Sigma Advisers LP boosted its position in SolarEdge Technologies by 0.3% during the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after acquiring an additional 3,400 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of SolarEdge Technologies by 0.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock valued at $25,531,000 after purchasing an additional 2,795 shares during the last quarter. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Trading Down 17.1 %

The business’s 50-day moving average is $18.19 and its two-hundred day moving average is $29.31. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The firm has a market cap of $616.59 million, a P/E ratio of -0.37 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The company had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business’s revenue was down 64.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.03) EPS. As a group, analysts predict that SolarEdge Technologies, Inc. will post -17.69 earnings per share 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.