SolarEdge Technologies (NASDAQ:SEDG) Raised to Neutral at Guggenheim

Guggenheim upgraded shares of SolarEdge Technologies (NASDAQ:SEDG) from a sell rating to a neutral rating in a research note published on Wednesday, Marketbeat.com reports.

Other equities research analysts have also issued research reports about the stock. Susquehanna reduced their price objective on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. UBS Group decreased their price target on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $17.00 to $9.00 in a research note on Thursday, November 7th. TD Cowen decreased their target price on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. Finally, William Blair initiated coverage on SolarEdge Technologies in a report on Thursday, August 29th. They set a “market perform” rating on the stock. Nine research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG opened at $11.88 on Wednesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. SolarEdge Technologies has a one year low of $10.24 and a one year high of $103.15. The business’s 50-day moving average price is $17.58 and its two-hundred day moving average price is $27.96. The company has a market capitalization of $688.45 million, a P/E ratio of -0.41 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.03) EPS. Analysts anticipate that SolarEdge Technologies will post -19.05 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in SEDG. Swedbank AB bought a new stake in SolarEdge Technologies during the first quarter worth about $261,312,000. Vanguard Group Inc. grew its position in SolarEdge Technologies by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after acquiring an additional 62,942 shares during the last quarter. Quarry LP bought a new stake in SolarEdge Technologies during the 2nd quarter worth approximately $36,627,000. Two Sigma Advisers LP increased its holdings in SolarEdge Technologies by 0.3% during the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its position in SolarEdge Technologies by 0.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock valued at $25,531,000 after purchasing an additional 2,795 shares during the last quarter. Institutional investors and hedge funds 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.