Guggenheim Downgrades SolarEdge Technologies (NASDAQ:SEDG) to Sell

Guggenheim cut shares of SolarEdge Technologies (NASDAQ:SEDG) from a neutral rating to a sell rating in a research note published on Thursday morning, Marketbeat Ratings reports. Guggenheim currently has $10.00 target price on the semiconductor company’s stock.

Several other equities analysts also recently weighed in on SEDG. Barclays dropped their target price on SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating for the company in a research report on Friday, October 11th. Mizuho dropped their target price on SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Thursday, September 19th. Scotiabank dropped their target price on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Morgan Stanley decreased their price objective on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 8th. Finally, Bank of America decreased their price objective on SolarEdge Technologies from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Seven research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $35.32.

SolarEdge Technologies Stock Down 3.5 %

Shares of NASDAQ:SEDG opened at $17.31 on Thursday. The business has a 50-day moving average price of $21.73 and a 200 day moving average price of $35.65. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $991.85 million, a price-to-earnings ratio of -3.72 and a beta of 1.56. SolarEdge Technologies has a 12-month low of $16.91 and a 12-month high of $120.74.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The firm had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The business’s revenue was down 73.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.06 earnings per share. Sell-side analysts expect that SolarEdge Technologies will post -8.53 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in shares of SolarEdge Technologies by 90.0% in the first quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 289 shares during the period. Trillium Asset Management LLC increased its holdings in shares of SolarEdge Technologies by 1.6% in the first quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock valued at $1,960,000 after purchasing an additional 427 shares during the period. Yelin Lapidot Holdings Management Ltd. increased its holdings in shares of SolarEdge Technologies by 5.1% in the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after purchasing an additional 564 shares during the period. Texas Permanent School Fund Corp increased its holdings in shares of SolarEdge Technologies by 1.2% in the first quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock valued at $3,525,000 after purchasing an additional 585 shares during the period. Finally, Swiss National Bank grew its holdings in SolarEdge Technologies by 0.5% during the first quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after acquiring an additional 600 shares during the period. Institutional investors and hedge funds 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.