SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down Following Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped down prior to trading on Monday after Susquehanna lowered their price target on the stock from $56.00 to $36.00. The stock had previously closed at $31.65, but opened at $28.87. Susquehanna currently has a neutral rating on the stock. SolarEdge Technologies shares last traded at $27.52, with a volume of 730,977 shares trading hands.

SEDG has been the subject of several other reports. DZ Bank began coverage on SolarEdge Technologies in a research note on Wednesday, April 17th. They set a “hold” rating and a $62.00 price objective for the company. B. Riley dropped their price objective on SolarEdge Technologies from $133.00 to $124.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Northland Securities lowered SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 9th. The Goldman Sachs Group dropped their price objective on SolarEdge Technologies from $49.00 to $25.00 and set a “sell” rating for the company in a research note on Thursday, June 27th. Finally, Canaccord Genuity Group dropped their price objective on SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating for the company in a research note on Tuesday, June 25th. Three research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, SolarEdge Technologies has a consensus rating of “Hold” and an average price target of $72.42.

Institutional Trading of SolarEdge Technologies

Several institutional investors have recently added to or reduced their stakes in SEDG. Swedbank AB bought a new stake in shares of SolarEdge Technologies during the 1st quarter valued at $261,312,000. Vanguard Group Inc. increased its holdings in SolarEdge Technologies by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,529,274 shares of the semiconductor company’s stock worth $327,566,000 after purchasing an additional 92,230 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its holdings in SolarEdge Technologies by 2.3% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,007,934 shares of the semiconductor company’s stock worth $71,543,000 after purchasing an additional 23,033 shares in the last quarter. Impax Asset Management Group plc increased its holdings in SolarEdge Technologies by 1.6% in the 4th quarter. Impax Asset Management Group plc now owns 954,264 shares of the semiconductor company’s stock worth $88,890,000 after purchasing an additional 14,878 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of SolarEdge Technologies by 112.0% in the fourth quarter. Franklin Resources Inc. now owns 555,796 shares of the semiconductor company’s stock valued at $52,023,000 after buying an additional 293,588 shares during the period. 95.10% of the stock is currently owned by institutional investors.

SolarEdge Technologies Trading Down 13.3 %

The company has a market cap of $1.57 billion, a price-to-earnings ratio of -5.86 and a beta of 1.52. The firm has a 50 day moving average price of $41.37 and a two-hundred day moving average price of $60.18. The company has a quick ratio of 2.19, a current ratio of 4.54 and a debt-to-equity ratio of 0.30.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.07) by ($0.35). The firm had revenue of $204.40 million during the quarter, compared to the consensus estimate of $194.82 million. SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. As a group, equities analysts forecast that SolarEdge Technologies, Inc. will post -6.52 earnings per share for the current year.

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.