SolarEdge Technologies (NASDAQ:SEDG) Stock Price Down 5.2%

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price dropped 5.2% during trading on Thursday . The stock traded as low as $49.63 and last traded at $50.09. Approximately 455,928 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 2,370,996 shares. The stock had previously closed at $52.83.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SEDG. Truist Financial decreased their target price on SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating for the company in a research report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of SolarEdge Technologies from $75.00 to $55.00 and set a “hold” rating for the company in a research note on Friday, May 10th. B. Riley cut their price objective on shares of SolarEdge Technologies from $133.00 to $124.00 and set a “buy” rating for the company in a report on Monday, April 22nd. BMO Capital Markets lowered their target price on shares of SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating on the stock in a report on Thursday, May 9th. Finally, Janney Montgomery Scott lowered SolarEdge Technologies from a “buy” rating to a “neutral” rating in a report on Friday, March 22nd. Four analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $86.38.

SolarEdge Technologies Price Performance

The firm’s fifty day moving average price is $60.65 and its 200-day moving average price is $72.06. The company has a quick ratio of 2.19, a current ratio of 4.54 and a debt-to-equity ratio of 0.30. The stock has a market cap of $2.71 billion, a P/E ratio of -10.72 and a beta of 1.53.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.01) by $0.60. The firm had revenue of $316.04 million for the quarter, compared to analysts’ expectations of $319.97 million. SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. Analysts forecast that SolarEdge Technologies, Inc. will post -6.08 earnings per share for the current year.

Insider Buying and Selling

In other SolarEdge Technologies news, Director More Avery bought 7,000 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $5,246,966.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Swedbank AB bought a new position in SolarEdge Technologies in the first quarter worth $261,312,000. Vanguard Group Inc. lifted its position in SolarEdge Technologies by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,529,274 shares of the semiconductor company’s stock valued at $327,566,000 after acquiring an additional 92,230 shares during the period. Baillie Gifford & Co. boosted its stake in SolarEdge Technologies by 89.3% during the third quarter. Baillie Gifford & Co. now owns 1,770,501 shares of the semiconductor company’s stock worth $229,298,000 after acquiring an additional 835,290 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in SolarEdge Technologies by 108.5% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,495,069 shares of the semiconductor company’s stock worth $193,626,000 after purchasing an additional 778,034 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of SolarEdge Technologies by 2.3% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,007,934 shares of the semiconductor company’s stock valued at $71,543,000 after purchasing an additional 23,033 shares in 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.