SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down to $21.95

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $21.95, but opened at $21.08. SolarEdge Technologies shares last traded at $21.93, with a volume of 952,797 shares.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SEDG. Roth Mkm decreased their price target on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Bank of America reduced their target price on shares of SolarEdge Technologies from $31.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 9th. Piper Sandler decreased their price target on shares of SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, Jefferies Financial Group lowered SolarEdge Technologies from a “hold” rating to an “underperform” rating and lowered their target price for the company from $27.00 to $17.00 in a research note on Tuesday. Five analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $51.23.

SolarEdge Technologies Price Performance

The business’s 50-day simple moving average is $24.78 and its two-hundred day simple moving average is $43.49. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -4.80 and a beta of 1.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The firm had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The company’s revenue was down 73.2% compared to the same quarter last year. During the same period last year, the business earned $2.06 EPS. Research analysts expect that SolarEdge Technologies, Inc. will post -8.67 earnings per share for the current year.

Institutional Investors Weigh In On SolarEdge Technologies

A number of large investors have recently bought and sold shares of the stock. Swedbank AB purchased a new stake in SolarEdge Technologies in the 1st quarter valued at $261,312,000. Quarry LP bought a new stake in SolarEdge Technologies during the second quarter worth $36,627,000. Invenomic Capital Management LP bought a new position in SolarEdge Technologies during the fourth quarter valued at about $42,644,000. Marshall Wace LLP grew its position in shares of 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 acquiring an additional 450,081 shares during the period. Finally, Norges Bank purchased a new stake in SolarEdge Technologies in the fourth quarter worth $39,547,000. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.