SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down to $21.95

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $21.95, but opened at $21.08. SolarEdge Technologies shares last traded at $21.93, with a volume of 952,797 shares.

Analysts Set New Price Targets

Several brokerages recently issued reports on SEDG. Bank of America cut their target price on shares of SolarEdge Technologies from $31.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Piper Sandler dropped their target price on shares of SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Morgan Stanley decreased their price target on SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 26th. DZ Bank downgraded SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price objective on the stock. in a research report on Wednesday, July 17th. Finally, Roth Mkm cut their target price on SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Five equities research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $51.23.

SolarEdge Technologies Stock Performance

The firm has a market cap of $1.24 billion, a PE ratio of -4.66 and a beta of 1.56. The business has a 50 day simple moving average of $24.69 and a two-hundred day simple moving average of $43.17. 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 issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The company had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. SolarEdge Technologies’s revenue was down 73.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.06 earnings per share. As a group, equities research analysts forecast that SolarEdge Technologies, Inc. will post -8.67 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Several institutional investors and hedge funds have recently made changes to their positions in SEDG. GAMMA Investing LLC grew its holdings in SolarEdge Technologies by 90.0% during the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 289 shares in the last quarter. Versant Capital Management Inc raised its stake in SolarEdge Technologies by 1,066.7% in the first quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after buying an additional 640 shares in the last quarter. EntryPoint Capital LLC bought a new stake in SolarEdge Technologies during the 1st quarter valued at $64,000. International Assets Investment Management LLC bought a new stake in SolarEdge Technologies during the 2nd quarter valued at $28,000. Finally, Hexagon Capital Partners LLC increased its holdings in shares of SolarEdge Technologies by 120.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock valued at $79,000 after acquiring an additional 610 shares during the period. 95.10% of the stock is currently owned by institutional investors.

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.