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

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price gapped down before the market opened on Monday after Citigroup lowered their price target on the stock from $31.00 to $19.00. The stock had previously closed at $17.31, but opened at $16.81. Citigroup currently has a neutral rating on the stock. SolarEdge Technologies shares last traded at $16.99, with a volume of 456,822 shares trading hands.

A number of other research analysts have also weighed in on the company. Piper Sandler reduced their target price on SolarEdge Technologies from $25.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Barclays reduced their price objective on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating for the company in a research note on Friday, October 11th. Roth Mkm cut their price target on shares of SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a report on Monday. Scotiabank decreased their price target on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Finally, William Blair started coverage on SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating for the company. Seven investment 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 data from MarketBeat, SolarEdge Technologies presently has a consensus rating of “Hold” and an average target price of $32.36.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC lifted its holdings in shares of SolarEdge Technologies by 2,191.0% during the third quarter. International Assets Investment Management LLC now owns 25,407 shares of the semiconductor company’s stock valued at $582,000 after purchasing an additional 24,298 shares in the last quarter. GFG Capital LLC purchased a new stake in SolarEdge Technologies in the third quarter worth approximately $229,000. Everence Capital Management Inc. grew its holdings in shares of SolarEdge Technologies by 58.9% in the third quarter. Everence Capital Management Inc. now owns 14,890 shares of the semiconductor company’s stock worth $341,000 after acquiring an additional 5,520 shares during the period. Vontobel Holding Ltd. boosted its holdings in shares of SolarEdge Technologies by 16.4% in the third quarter. Vontobel Holding Ltd. now owns 98,616 shares of the semiconductor company’s stock worth $2,259,000 after buying an additional 13,860 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings 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 valued at $4,911,000 after buying an additional 202,010 shares during the last quarter. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

The business’s 50-day moving average price is $21.55 and its 200-day moving average price is $34.71. The stock has a market cap of $1.01 billion, a P/E ratio of -1.96 and a beta of 1.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10.

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