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

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price reached a new 52-week low during trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $64.00 to $49.00. The Goldman Sachs Group currently has a sell rating on the stock. SolarEdge Technologies traded as low as $51.91 and last traded at $52.64, with a volume of 1619916 shares traded. The stock had previously closed at $57.55.

Several other equities analysts also recently issued reports on SEDG. Barclays lifted their price target on shares of SolarEdge Technologies from $50.00 to $61.00 and gave the company an “underweight” rating in a report on Tuesday, April 16th. TD Cowen lowered their price objective on shares of SolarEdge Technologies from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday. Piper Sandler lowered their price objective on shares of SolarEdge Technologies from $105.00 to $77.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. BMO Capital Markets lowered their price objective on shares of SolarEdge Technologies from $85.00 to $80.00 and set a “market perform” rating for the company in a research report on Wednesday, February 21st. Finally, Roth Mkm lowered their price objective on shares of SolarEdge Technologies from $76.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday. Four equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $96.00.

Insiders Place Their Bets

In related news, Director More Avery purchased 7,000 shares of SolarEdge Technologies stock in a transaction dated Thursday, February 29th. The stock was bought at an average price of $67.75 per share, for a total transaction of $474,250.00. Following the completion of the acquisition, the director now directly owns 77,446 shares of the company’s stock, valued at $5,246,966.50. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.17% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Altshuler Shaham Ltd grew its holdings in shares of SolarEdge Technologies by 143.8% in the 3rd quarter. Altshuler Shaham Ltd now owns 20,856 shares of the semiconductor company’s stock valued at $2,701,000 after acquiring an additional 12,302 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of SolarEdge Technologies by 20,293.3% in the 4th quarter. International Assets Investment Management LLC now owns 103,802 shares of the semiconductor company’s stock valued at $9,716,000 after acquiring an additional 103,293 shares in the last quarter. Royal London Asset Management Ltd. grew its holdings in shares of SolarEdge Technologies by 5.4% in the 3rd quarter. Royal London Asset Management Ltd. now owns 21,492 shares of the semiconductor company’s stock valued at $2,782,000 after acquiring an additional 1,101 shares in the last quarter. Meitav Investment House Ltd. grew its holdings in SolarEdge Technologies by 27.2% during the third quarter. Meitav Investment House Ltd. now owns 465,854 shares of the semiconductor company’s stock worth $61,231,000 after purchasing an additional 99,681 shares during the period. Finally, Compagnie Lombard Odier SCmA grew its holdings in SolarEdge Technologies by 250.0% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 700 shares of the semiconductor company’s stock worth $66,000 after purchasing an additional 500 shares during the period. 95.10% of the stock is owned by institutional investors and hedge funds.

SolarEdge Technologies Price Performance

The business has a fifty day moving average of $64.59 and a 200 day moving average of $74.00. The company has a quick ratio of 2.08, a current ratio of 3.70 and a debt-to-equity ratio of 0.28. The firm has a market cap of $3.02 billion, a P/E ratio of 127.89 and a beta of 1.53.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.01) by $0.60. The firm had revenue of $316.04 million during the quarter, compared to the consensus estimate of $319.97 million. SolarEdge Technologies had a net margin of 1.15% and a return on equity of 5.00%. On average, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -4.68 earnings per share for the current year.

About SolarEdge Technologies

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.