SolarEdge Technologies (NASDAQ:SEDG) Sets New 12-Month Low on Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price hit a new 52-week low during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $35.00 to $29.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. SolarEdge Technologies traded as low as $16.24 and last traded at $16.24, with a volume of 179312 shares changing hands. The stock had previously closed at $17.58.

SEDG has been the topic of several other research reports. Bank of America lowered their price target on shares of SolarEdge Technologies from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Glj Research downgraded shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday, October 8th. Roth Mkm reduced their target price on shares of SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday. Mizuho reduced their target price on shares of SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, September 19th. Finally, Susquehanna reduced their target price on shares of SolarEdge Technologies from $24.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 16th. Seven analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, SolarEdge Technologies has a consensus rating of “Hold” and an average target price of $31.52.

Institutional Trading of SolarEdge Technologies

A number of institutional investors and hedge funds have recently modified their holdings of SEDG. GAMMA Investing LLC increased its stake in shares of SolarEdge Technologies by 90.0% in the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 289 shares during the last quarter. Brookstone Capital Management bought a new stake in SolarEdge Technologies during the 1st quarter worth approximately $350,000. Hexagon Capital Partners LLC increased its stake in SolarEdge Technologies by 120.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after purchasing an additional 610 shares in the last quarter. Albion Financial Group UT increased its stake in SolarEdge Technologies by 32.2% during the 1st quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock worth $278,000 after purchasing an additional 955 shares in the last quarter. Finally, Perigon Wealth Management LLC increased its stake in SolarEdge Technologies by 128.7% during the 1st quarter. Perigon Wealth Management LLC now owns 10,366 shares of the semiconductor company’s stock worth $736,000 after purchasing an additional 5,834 shares in the last quarter. 95.10% of the stock is owned by institutional investors.

SolarEdge Technologies Trading Down 15.0 %

The business has a 50 day moving average of $21.55 and a 200-day moving average of $34.71. 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 firm has a market capitalization of $856.35 million, a P/E ratio of -1.66 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The business had revenue of $265.41 million for the quarter, compared to the consensus estimate of $264.31 million. During the same period in the previous year, the company posted $2.06 earnings per share. SolarEdge Technologies’s revenue for the quarter was down 73.2% compared to the same quarter last year. Analysts anticipate that SolarEdge Technologies, Inc. will post -8.75 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.