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

SolarEdge Technologies, Inc. (NASDAQ:SEDG) traded down 7.6% during 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. 2,109,526 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 3,542,659 shares. The stock had previously closed at $12.83.

Several other equities analysts have also recently commented on SEDG. The Goldman Sachs Group decreased their price target on shares of SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a research report on Thursday, November 7th. Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $21.00 to $14.00 in a research note on Thursday, November 7th. Morgan Stanley reaffirmed an “underweight” rating and issued a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a research report on Friday. Glj Research lowered shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday, October 8th. Finally, Piper Sandler downgraded shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. Ten research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $22.79.

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was acquired at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.67% of the stock is currently owned by insiders.

Institutional Trading of SolarEdge Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC acquired a new stake in shares of SolarEdge Technologies in the 1st quarter worth $64,000. International Assets Investment Management LLC acquired a new stake in SolarEdge Technologies in the second quarter valued at about $28,000. KBC Group NV boosted its holdings in SolarEdge Technologies by 95.8% in the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after purchasing an additional 1,378 shares in the last quarter. State Board of Administration of Florida Retirement System acquired a new position in SolarEdge Technologies during the 1st quarter worth approximately $236,000. Finally, First Pacific Financial raised its stake in shares of SolarEdge Technologies by 53.0% during the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after buying an additional 1,805 shares in the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Down 15.0 %

The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The firm has a market capitalization of $631.66 million, a price-to-earnings ratio of -0.38 and a beta of 1.59. The firm has a fifty day moving average price of $18.37 and a 200 day moving average price of $29.65.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $272.80 million. During the same period last year, the business posted ($1.03) EPS. SolarEdge Technologies’s revenue was down 64.0% compared to the same quarter last year. As a group, sell-side analysts expect that SolarEdge Technologies, Inc. will post -17.69 EPS for the current fiscal year.

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.