SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down on Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $19.00 to $15.00. The stock had previously closed at $17.59, but opened at $16.48. Wells Fargo & Company currently has an equal weight rating on the stock. SolarEdge Technologies shares last traded at $16.37, with a volume of 1,204,286 shares traded.

A number of other research firms also recently issued reports on SEDG. Barclays dropped their price objective on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a report on Friday, November 15th. Susquehanna dropped their price target on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Citigroup restated a “sell” rating and issued a $9.00 price objective (down from $12.00) on shares of SolarEdge Technologies in a research note on Wednesday. TD Cowen lowered their target price on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, November 7th. Finally, Morgan Stanley restated an “underweight” rating and issued a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. Eight analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $21.16.

Insiders Place Their Bets

In related news, Chairman More Avery acquired 156,000 shares of the stock in a transaction dated Monday, November 11th. The stock was 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 directly 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. KBC Group NV increased its position in SolarEdge Technologies by 95.8% during the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after acquiring an additional 1,378 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of SolarEdge Technologies by 655.2% during the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after purchasing an additional 4,567 shares during the period. US Bancorp DE grew its holdings in SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after purchasing an additional 4,834 shares during the last quarter. GFG Capital LLC purchased a new stake in SolarEdge Technologies in the 3rd quarter worth about $229,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in SolarEdge Technologies in the third quarter worth about $278,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Stock Down 14.8 %

The firm has a market cap of $868.67 million, a PE ratio of -0.52 and a beta of 1.56. The company has a 50-day simple moving average of $14.09 and a 200-day simple moving average of $19.92. 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 (NASDAQ:SEDG) last posted its quarterly earnings data 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). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. During the same quarter in the previous year, the firm earned ($1.03) EPS. SolarEdge Technologies’s revenue was down 64.0% compared to the same quarter last year. Analysts expect that SolarEdge Technologies, Inc. will post -19.18 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.