SolarEdge Technologies (NASDAQ:SEDG) Reaches New 1-Year Low After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price hit a new 52-week low on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $35.00 to $29.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. SolarEdge Technologies traded as low as $16.24 and last traded at $16.24, with a volume of 179312 shares changing hands. The stock had previously closed at $17.58.

SEDG has been the subject of several other research reports. Glj Research lowered shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, October 8th. BMO Capital Markets cut their target price on SolarEdge Technologies from $24.00 to $21.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. William Blair initiated coverage on SolarEdge Technologies in a research report on Thursday, August 29th. They issued a “market perform” rating on the stock. Guggenheim lowered shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 target price for the company. in a research note on Thursday, October 17th. Finally, Roth Mkm lowered their price objective on shares of SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday. Seven investment analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies has a consensus rating of “Hold” and an average price target of $31.52.

Institutional Trading of SolarEdge Technologies

Several hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its holdings in SolarEdge Technologies by 90.0% in the first quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 289 shares during the period. EntryPoint Capital LLC acquired a new stake in SolarEdge Technologies during the 1st quarter worth $64,000. International Assets Investment Management LLC acquired a new stake in shares of SolarEdge Technologies during the second quarter worth about $28,000. Hexagon Capital Partners LLC boosted its position in shares of SolarEdge Technologies by 120.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock valued at $79,000 after purchasing an additional 610 shares during the period. Finally, State Board of Administration of Florida Retirement System purchased a new stake in SolarEdge Technologies in the first quarter valued at approximately $236,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Down 8.4 %

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 has a market capitalization of $923.10 million, a price-to-earnings ratio of -1.79 and a beta of 1.56. The business’s fifty day moving average price is $21.55 and its 200 day moving average price is $34.71.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results 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 return on equity of 18.00% and a negative net margin of 33.86%. The business had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. During the same quarter in the previous year, the firm posted $2.06 EPS. The business’s revenue for the quarter was down 73.2% on a year-over-year basis. On average, equities analysts expect that SolarEdge Technologies, Inc. will post -8.75 EPS for the current year.

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.