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

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price gapped down before the market opened on Wednesday after Wells Fargo & Company lowered their price target on the stock from $19.00 to $15.00. The stock had previously closed at $17.59, but opened at $16.48. Wells Fargo & Company currently has an equal weight rating on the stock. SolarEdge Technologies shares last traded at $16.37, with a volume of 1,204,286 shares.

A number of other brokerages have also weighed in on SEDG. Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Susquehanna dropped their price target on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Royal Bank of Canada dropped their price target on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 15th. Barclays lowered their price objective on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a research report on Friday, November 15th. Finally, TD Cowen reduced their target price on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. Eight research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and a consensus price target of $21.16.

Insider Activity at SolarEdge Technologies

In related news, Chairman More Avery bought 156,000 shares of the business’s stock in a transaction on Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the purchase, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.67% of the stock is owned by corporate insiders.

Institutional Trading of SolarEdge Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP purchased a new position in SolarEdge Technologies during the 2nd quarter valued at about $36,627,000. Marshall Wace LLP lifted its stake in SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after buying an additional 450,081 shares during the last quarter. Soros Fund Management LLC acquired a new stake in shares of SolarEdge Technologies in the third quarter valued at approximately $5,293,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of SolarEdge Technologies by 683.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after acquiring an additional 220,304 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of SolarEdge Technologies by 1,634.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock valued at $4,911,000 after acquiring an additional 202,010 shares during the period. 95.10% of the stock is owned by institutional investors and hedge funds.

SolarEdge Technologies Stock Performance

The firm’s 50-day moving average is $14.05 and its 200 day moving average is $19.88. 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 stock has a market cap of $868.67 million, a PE ratio of -0.52 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm’s revenue was down 64.0% on a year-over-year basis. During the same quarter last year, the business posted ($1.03) EPS. As a group, research analysts anticipate that SolarEdge Technologies, Inc. will post -19.18 EPS for the current 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.