SolarEdge Technologies (NASDAQ:SEDG) Sets New 1-Year Low After Analyst Downgrade

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) reached a new 52-week low during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $25.00 to $17.00. Piper Sandler currently has a neutral rating on the stock. SolarEdge Technologies traded as low as $16.94 and last traded at $17.34, with a volume of 1305347 shares. The stock had previously closed at $18.57.

Several other brokerages have also weighed in on SEDG. BMO Capital Markets cut their target price on SolarEdge Technologies from $24.00 to $21.00 and set a “market perform” rating on the stock in a research report on Monday. Wells Fargo & Company cut their target price on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 2nd. William Blair assumed coverage on SolarEdge Technologies in a research report on Thursday, August 29th. They issued a “market perform” rating on the stock. Canaccord Genuity Group cut their target price on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Seven equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $39.35.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in SolarEdge Technologies by 90.0% in the first quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 289 shares in the last quarter. EntryPoint Capital LLC acquired a new position in SolarEdge Technologies in the first quarter valued at approximately $64,000. International Assets Investment Management LLC acquired a new position in SolarEdge Technologies in the second quarter valued at approximately $28,000. Hexagon Capital Partners LLC boosted its stake in SolarEdge Technologies by 120.8% in the first 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. Finally, State Board of Administration of Florida Retirement System acquired a new position in SolarEdge Technologies in the first quarter valued at approximately $236,000. 95.10% of the stock is currently owned by institutional investors and hedge funds.

SolarEdge Technologies Stock Performance

The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The stock has a 50 day simple moving average of $21.80 and a 200 day simple moving average of $36.24. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -1.99 and a beta of 1.56.

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 analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The business’s revenue was down 73.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.06 earnings per share. As a group, analysts anticipate that SolarEdge Technologies, Inc. will post -8.53 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.