SolarEdge Technologies (NASDAQ:SEDG) Earns Sell Rating from Glj Research

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “sell” rating restated by research analysts at Glj Research in a research note issued to investors on Friday,Benzinga reports. They presently have a $3.90 price objective on the semiconductor company’s stock. Glj Research’s target price would indicate a potential downside of 75.32% from the company’s previous close.

Several other brokerages have also issued reports on SEDG. William Blair initiated coverage on shares of SolarEdge Technologies in a research report on Thursday, August 29th. They issued a “market perform” rating on the stock. The Goldman Sachs Group lowered their price objective on SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating on the stock in a report on Thursday, November 7th. Mizuho lowered SolarEdge Technologies from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $35.00 to $11.00 in a research note on Thursday, November 7th. BMO Capital Markets decreased their target price on SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. dropped their price target on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Nine analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus target price of $22.04.

SolarEdge Technologies Trading Up 6.3 %

Shares of SEDG opened at $15.80 on Friday. The firm has a market capitalization of $915.61 million, a price-to-earnings ratio of -0.54 and a beta of 1.59. The company has a 50-day moving average of $16.73 and a 200 day moving average of $26.26. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. SolarEdge Technologies has a 1-year low of $10.24 and a 1-year high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. During the same period in the previous year, the company earned ($1.03) earnings per share. The company’s quarterly revenue was down 64.0% compared to the same quarter last year. On average, research analysts expect that SolarEdge Technologies will post -19.05 EPS for the current year.

Insider Buying and Selling

In related news, Chairman More Avery acquired 156,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the transaction, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in shares of SolarEdge Technologies in the second quarter valued at $36,627,000. Marshall Wace LLP boosted its holdings in SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after acquiring an additional 450,081 shares during the period. Soros Fund Management LLC acquired a new position in SolarEdge Technologies in the 3rd quarter valued at about $5,293,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in SolarEdge Technologies by 683.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after purchasing an additional 220,304 shares during the period. Finally, Handelsbanken Fonder AB lifted its position in shares of SolarEdge Technologies by 1,634.6% during the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after purchasing an additional 202,010 shares in the last quarter. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.