SolarEdge Technologies (NASDAQ:SEDG) Stock Rating Lowered by Guggenheim

SolarEdge Technologies (NASDAQ:SEDG) was downgraded by equities research analysts at Guggenheim from a “neutral” rating to a “sell” rating in a research note issued to investors on Thursday, Briefing.com reports. They currently have a $10.00 price objective on the semiconductor company’s stock. Guggenheim’s price objective suggests a potential downside of 46.15% from the stock’s current price.

Several other analysts have also recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Roth Mkm dropped their price target on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Wells Fargo & Company dropped their price target on shares of SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 2nd. Canaccord Genuity Group dropped their price target on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, Barclays dropped their price target on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating for the company in a research note on Friday, October 11th. Seven equities research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $39.65.

SolarEdge Technologies Stock Up 2.1 %

Shares of NASDAQ SEDG opened at $18.57 on Thursday. SolarEdge Technologies has a 12-month low of $17.12 and a 12-month high of $130.38. The stock has a market cap of $1.06 billion, a PE ratio of -3.99 and a beta of 1.56. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $21.90 and a 200 day moving average of $36.37.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The business had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. During the same period in the prior year, the company posted $2.06 EPS. The firm’s revenue was down 73.2% on a year-over-year basis. As a group, sell-side analysts predict that SolarEdge Technologies will post -8.53 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in SolarEdge Technologies by 90.0% in the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 289 shares during the period. Trillium Asset Management LLC lifted its position in shares of SolarEdge Technologies by 1.6% during the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock worth $1,960,000 after purchasing an additional 427 shares during the last quarter. Yelin Lapidot Holdings Management Ltd. lifted its position in shares of SolarEdge Technologies by 5.1% during the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock worth $294,000 after purchasing an additional 564 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in shares of SolarEdge Technologies by 1.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock worth $3,525,000 after purchasing an additional 585 shares during the last quarter. Finally, Swiss National Bank lifted its position in shares of SolarEdge Technologies by 0.5% during the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after purchasing an additional 600 shares during the last quarter. Hedge funds and other 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.