SolarEdge Technologies (NASDAQ:SEDG) Downgraded to Underperform Rating by Bank of America

SolarEdge Technologies (NASDAQ:SEDG) was downgraded by analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Thursday, Briefing.com reports. They presently have a $14.00 price objective on the semiconductor company’s stock, down from their previous price objective of $21.00. Bank of America‘s price objective would suggest a potential downside of 4.60% from the company’s previous close.

Several other research analysts have also issued reports on SEDG. Deutsche Bank Aktiengesellschaft cut their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Mizuho decreased their target price on shares of SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Thursday, September 19th. Scotiabank decreased their price objective on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Roth Mkm lowered their price target on SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, October 21st. Finally, Truist Financial reaffirmed a “hold” rating and set a $20.00 price objective on shares of SolarEdge Technologies in a report on Tuesday, August 27th. Nine analysts have rated the stock with a sell rating, seventeen have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $26.83.

SolarEdge Technologies Stock Performance

Shares of SEDG opened at $14.68 on Thursday. 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 firm’s fifty day simple moving average is $19.54 and its two-hundred day simple moving average is $31.29. SolarEdge Technologies has a 12 month low of $14.50 and a 12 month high of $103.15. The stock has a market capitalization of $840.88 million, a P/E ratio of -1.63 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The business had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company’s revenue for the quarter was down 73.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.06 EPS. As a group, analysts predict that SolarEdge Technologies will post -8.85 EPS for the current year.

Institutional Trading of SolarEdge Technologies

A number of large investors have recently modified their holdings of the business. Swedbank AB purchased a new position in shares of SolarEdge Technologies in the 1st quarter worth about $261,312,000. Quarry LP bought a new stake in SolarEdge Technologies during the 2nd quarter valued at $36,627,000. Marshall Wace LLP boosted its position in SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after buying an additional 450,081 shares during the period. Quadrature Capital Ltd grew its holdings in SolarEdge Technologies by 1,206.8% in the 1st quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock worth $17,080,000 after acquiring an additional 222,218 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its position in shares of SolarEdge Technologies by 1,634.6% in the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock valued at $4,911,000 after acquiring an additional 202,010 shares during the period. 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.