SolarEdge Technologies, Inc. (NASDAQ:SEDG) Receives Consensus Rating of “Reduce” from Analysts

SolarEdge Technologies, Inc. (NASDAQ:SEDG) has been given an average recommendation of “Reduce” by the twenty-nine ratings firms that are currently covering the company, MarketBeat reports. Eight analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $22.04.

A number of analysts have recently issued reports on SEDG shares. Royal Bank of Canada dropped 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 research note on Tuesday, October 15th. Jefferies Financial Group lowered SolarEdge Technologies from a “hold” rating to an “underperform” rating and dropped their target price for the stock from $27.00 to $17.00 in a research report on Tuesday, September 17th. Citigroup reduced their price target on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $17.00 to $9.00 in a report on Thursday, November 7th. Finally, Barclays reduced their target price on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a research note on Friday, November 15th.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $13.35 on Friday. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The company has a market cap of $773.63 million, a PE ratio of -0.46 and a beta of 1.56. The company’s fifty day simple moving average is $15.24 and its 200-day simple moving average is $23.77. SolarEdge Technologies has a 52 week low of $10.24 and a 52 week high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.03) EPS. As a group, equities research analysts anticipate that SolarEdge Technologies will post -19.18 EPS for the current year.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery purchased 156,000 shares of the stock in a transaction dated Monday, November 11th. The shares were bought at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP acquired a new stake in shares of SolarEdge Technologies in the 2nd quarter worth approximately $36,627,000. Marshall Wace LLP lifted its position in SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after purchasing an additional 450,081 shares during the period. Soros Fund Management LLC bought a new position in SolarEdge Technologies during the 3rd quarter valued at $5,293,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of SolarEdge Technologies by 683.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after purchasing an additional 220,304 shares during the period. Finally, Handelsbanken Fonder AB raised its stake in shares of SolarEdge Technologies by 1,634.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after buying an additional 202,010 shares in the last quarter. 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.