SolarEdge Technologies (NASDAQ:SEDG) Downgraded to Strong Sell at Glj Research

Glj Research cut shares of SolarEdge Technologies (NASDAQ:SEDG) from a strong-buy rating to a strong sell rating in a research report report published on Tuesday morning, Zacks.com reports.

Several other research analysts have also recently weighed in on the stock. Wells Fargo & Company reduced their price target on shares of SolarEdge Technologies from $62.00 to $29.00 and set an equal weight rating for the company in a report on Tuesday, July 2nd. The Goldman Sachs Group reduced their price target on shares of SolarEdge Technologies from $25.00 to $19.00 and set a sell rating for the company in a report on Friday, August 9th. TD Cowen reduced their target price on shares of SolarEdge Technologies from $50.00 to $35.00 and set a buy rating for the company in a report on Thursday, August 8th. Bank of America reduced their target price on shares of SolarEdge Technologies from $31.00 to $25.00 and set a neutral rating for the company in a report on Thursday, August 8th. Finally, Susquehanna reduced their target price on shares of SolarEdge Technologies from $36.00 to $24.00 and set a neutral rating for the company in a report on Thursday, August 8th. Six equities research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SolarEdge Technologies currently has a consensus rating of Hold and a consensus price target of $48.65.

SolarEdge Technologies Stock Up 2.4 %

Shares of NASDAQ:SEDG opened at $19.00 on Tuesday. SolarEdge Technologies has a 52 week low of $17.12 and a 52 week high of $130.38. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. The company has a market capitalization of $1.09 billion, a PE ratio of -4.09 and a beta of 1.56. The company has a 50 day moving average price of $22.53 and a two-hundred day moving average price of $38.09.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The firm had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same period in the previous year, the company posted $2.06 EPS. The firm’s revenue for the quarter was down 73.2% on a year-over-year basis. Analysts forecast that SolarEdge Technologies will post -8.56 earnings per share for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds have recently bought and sold shares of SEDG. Swedbank AB bought a new position in SolarEdge Technologies during the first quarter worth about $261,312,000. Quarry LP bought a new position in SolarEdge Technologies during the second quarter worth about $36,627,000. Marshall Wace LLP increased its position in SolarEdge Technologies by 425.1% during the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after acquiring an additional 450,081 shares during the period. Quadrature Capital Ltd increased its position in SolarEdge Technologies by 1,206.8% during the first quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock worth $17,080,000 after acquiring an additional 222,218 shares during the period. Finally, Handelsbanken Fonder AB increased its position in SolarEdge Technologies by 1,634.6% during the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after acquiring an additional 202,010 shares during the period. 95.10% of the stock is owned by institutional investors.

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.