Guggenheim Upgrades SolarEdge Technologies (NASDAQ:SEDG) to “Neutral”

SolarEdge Technologies (NASDAQ:SEDG) was upgraded by investment analysts at Guggenheim from a “sell” rating to a “neutral” rating in a report released on Wednesday, Marketbeat Ratings reports.

Several other brokerages have also recently issued reports on SEDG. Morgan Stanley reissued an “underweight” rating and set a $9.00 target price (down previously from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 9th. UBS Group reduced their target price 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. Citigroup reduced their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, StockNews.com raised shares of SolarEdge Technologies to a “sell” rating in a report on Friday, November 8th. 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’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Trading Down 1.4 %

NASDAQ SEDG opened at $10.72 on Wednesday. The company has a fifty day simple moving average of $17.58 and a two-hundred day simple moving average of $27.96. The stock has a market cap of $621.22 million, a P/E ratio of -0.37 and a beta of 1.59. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $103.15. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The company had revenue of $260.90 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 64.0% on a year-over-year basis. During the same period in the prior year, the business posted ($1.03) EPS. On average, analysts forecast that SolarEdge Technologies will post -19.05 earnings per share for the current year.

Insider Activity

In related news, Chairman More Avery purchased 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The shares were acquired at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the purchase, the chairman now owns 244,478 shares of the company’s stock, 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 document filed with the SEC, which is available at the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in SEDG. State Board of Administration of Florida Retirement System purchased a new stake in SolarEdge Technologies during the 1st quarter worth approximately $236,000. Vanguard Group Inc. increased its stake in SolarEdge Technologies by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after buying an additional 62,942 shares during the period. EntryPoint Capital LLC purchased a new stake in SolarEdge Technologies during the 1st quarter worth approximately $64,000. Quadrature Capital Ltd increased its stake in SolarEdge Technologies by 1,206.8% during the 1st quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock worth $17,080,000 after buying an additional 222,218 shares during the period. Finally, California State Teachers Retirement System increased its stake in SolarEdge Technologies by 1.6% during the 1st quarter. California State Teachers Retirement System now owns 51,728 shares of the semiconductor company’s stock worth $3,672,000 after buying an additional 827 shares during the period. 95.10% of the stock is owned by hedge funds and other 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.