SolarEdge Technologies (NASDAQ:SEDG) Trading Down 7.6% Following Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) dropped 7.6% during mid-day trading on Friday after Barclays lowered their price target on the stock from $17.00 to $7.00. Barclays currently has an underperform rating on the stock. SolarEdge Technologies traded as low as $11.78 and last traded at $11.85. Approximately 2,109,526 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 3,542,659 shares. The stock had previously closed at $12.83.

Several other research firms also recently commented on SEDG. Bank of America downgraded shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $21.00 to $14.00 in a report on Thursday, November 7th. Jefferies Financial Group downgraded SolarEdge Technologies from a “hold” rating to an “underperform” rating and cut their price target for the stock from $27.00 to $17.00 in a research report on Tuesday, September 17th. Glj Research cut SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. Mizuho lowered SolarEdge Technologies from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $35.00 to $11.00 in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. reduced their price target on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Ten research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and a consensus price target of $22.79.

Insider Activity at SolarEdge Technologies

In related news, Chairman More Avery bought 156,000 shares of the company’s stock in a transaction on Monday, November 11th. The stock was bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors have recently bought and sold shares of SEDG. Swedbank AB purchased a new stake in SolarEdge Technologies in the first quarter valued at $261,312,000. Vanguard Group Inc. raised its holdings in SolarEdge Technologies by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after buying an additional 62,942 shares during the period. Quarry LP acquired a new position in SolarEdge Technologies in the second quarter valued at about $36,627,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in SolarEdge Technologies by 0.3% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock worth $25,531,000 after buying an additional 2,795 shares during the period. Finally, M&G PLC increased its position in shares of SolarEdge Technologies by 4.2% during the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock valued at $21,452,000 after acquiring an additional 38,001 shares during the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Trading Down 15.0 %

The business’s 50-day simple moving average is $18.37 and its two-hundred day simple moving average is $29.65. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $631.66 million, a price-to-earnings ratio of -0.38 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. During the same quarter last year, the business posted ($1.03) EPS. The firm’s revenue for the quarter was down 64.0% on a year-over-year basis. Equities analysts forecast that SolarEdge Technologies, Inc. will post -17.69 earnings per share 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.