SolarEdge Technologies’ (SEDG) Sell Rating Reiterated at Glj Research

Glj Research restated their sell rating on shares of SolarEdge Technologies (NASDAQ:SEDG) in a research report sent to investors on Friday,Benzinga reports. They currently have a $3.90 price objective on the semiconductor company’s stock.

SEDG has been the subject of a number of other reports. The Goldman Sachs Group decreased their target price on SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a research report on Thursday, November 7th. Truist Financial lowered their target price on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a research report on Friday, November 8th. JPMorgan Chase & Co. reduced their price target on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Morgan Stanley restated an “underweight” rating and set a $9.00 price objective (down previously from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Finally, Piper Sandler cut shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $17.00 to $9.00 in a report on Thursday, November 7th. Nine research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $22.04.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $15.80 on Friday. The firm has a 50 day moving average of $16.73 and a 200-day moving average of $26.07. The company has a market cap of $915.61 million, a price-to-earnings ratio of -0.54 and a beta of 1.59. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a 52 week low of $10.24 and a 52 week high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. During the same period in the prior year, the company earned ($1.03) earnings per share. The firm’s revenue was down 64.0% compared to the same quarter last year. On average, equities analysts forecast that SolarEdge Technologies will post -19.05 earnings per share for the current year.

Insider Transactions at SolarEdge Technologies

In other news, Chairman More Avery acquired 156,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the acquisition, the chairman now 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 document filed with the SEC, which is accessible through the SEC website. 0.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SEDG. International Assets Investment Management LLC purchased a new stake in shares of SolarEdge Technologies during the 2nd quarter valued at approximately $28,000. KBC Group NV raised its holdings in SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after acquiring an additional 1,378 shares during the period. First Pacific Financial lifted its position in shares of SolarEdge Technologies by 53.0% during the second quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 1,805 shares in the last quarter. US Bancorp DE boosted its holdings in shares of SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after acquiring an additional 4,834 shares during the period. Finally, GFG Capital LLC bought a new position in shares of SolarEdge Technologies in the third quarter worth $229,000. Institutional investors 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.