SolarEdge Technologies (NASDAQ:SEDG) Shares Down 3.7% – Here’s What Happened

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) traded down 3.7% on Wednesday . The company traded as low as $13.09 and last traded at $13.19. 498,496 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 4,285,154 shares. The stock had previously closed at $13.70.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Roth Mkm dropped their price objective on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. The Goldman Sachs Group upped their price objective on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, January 7th. Barclays lifted their target price on shares of SolarEdge Technologies from $7.00 to $10.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 14th. StockNews.com raised SolarEdge Technologies to a “sell” rating in a report on Friday, November 8th. Finally, Bank of America downgraded shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $21.00 to $14.00 in a report on Thursday, November 7th. Eight equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $20.84.

SolarEdge Technologies Stock Up 8.1 %

The stock has a market cap of $850.71 million, a price-to-earnings ratio of -0.51 and a beta of 1.56. The firm’s 50-day moving average is $13.88 and its 200 day moving average is $19.06. 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 (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 business had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. During the same quarter in the previous year, the firm posted ($1.03) EPS. The business’s revenue was down 64.0% compared to the same quarter last year. Sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -23.2 earnings per share for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was acquired 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 owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors have recently bought and sold shares of the stock. R Squared Ltd purchased a new stake in SolarEdge Technologies in the 4th quarter worth approximately $61,000. KBC Group NV boosted its holdings in shares of SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after buying an additional 1,378 shares during the period. GAMMA Investing LLC increased its stake in shares of SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after purchasing an additional 4,567 shares during the period. US Bancorp DE lifted its holdings in shares of SolarEdge Technologies by 243.6% during the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after buying an additional 4,834 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in SolarEdge Technologies in the 4th quarter worth $227,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

About SolarEdge Technologies

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.