SolarEdge Technologies (NASDAQ:SEDG) Shares Down 5.3% – Here’s What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price fell 5.3% during trading on Tuesday . The stock traded as low as $13.33 and last traded at $13.38. 1,912,046 shares were traded during mid-day trading, a decline of 56% from the average session volume of 4,378,192 shares. The stock had previously closed at $14.13.

Analysts Set New Price Targets

SEDG has been the subject of a number of recent analyst reports. Bank of America lowered shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $21.00 to $14.00 in a research note on Thursday, November 7th. Mizuho downgraded SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $35.00 to $11.00 in a report on Thursday, November 7th. Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Royal Bank of Canada lowered their target price on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 15th. Finally, BMO Capital Markets reduced their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research report on Thursday, November 7th. Eight research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.84.

SolarEdge Technologies Stock Up 2.7 %

The firm has a market cap of $771.31 million, a price-to-earnings ratio of -0.46 and a beta of 1.56. The firm has a 50-day moving average of $14.18 and a two-hundred day moving average of $18.52. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The company had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company’s revenue was down 64.0% compared to the same quarter last year. During the same period last year, the firm posted ($1.03) EPS. As a group, sell-side analysts predict that SolarEdge Technologies, Inc. will post -23.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were acquired at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. The trade was a 176.32 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Two Sigma Advisers LP raised its stake in SolarEdge Technologies by 0.3% during the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after acquiring an additional 3,400 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in SolarEdge Technologies by 0.8% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,011,760 shares of the semiconductor company’s stock valued at $13,760,000 after purchasing an additional 8,079 shares during the last quarter. M&G PLC boosted its position in SolarEdge Technologies by 4.2% in the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock valued at $21,452,000 after buying an additional 38,001 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in SolarEdge Technologies by 182.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock worth $11,888,000 after buying an additional 564,490 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of SolarEdge Technologies by 3.7% during the third quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after buying an additional 25,474 shares in the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

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.