Barclays Lowers SolarEdge Technologies (NASDAQ:SEDG) Price Target to $7.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price decreased by investment analysts at Barclays from $17.00 to $7.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “underperform” rating on the semiconductor company’s stock. Barclays‘s price target points to a potential downside of 34.21% from the stock’s current price.

A number of other equities analysts have also commented on SEDG. JPMorgan Chase & Co. dropped their price target on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. The Goldman Sachs Group lowered 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. BMO Capital Markets reduced their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a research report on Thursday, November 7th. Truist Financial decreased their price target on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a research note on Friday, November 8th. Finally, Mizuho cut shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $35.00 to $11.00 in a research note on Thursday, November 7th. Ten analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, SolarEdge Technologies presently has a consensus rating of “Hold” and a consensus target price of $22.79.

SolarEdge Technologies Trading Down 17.1 %

SolarEdge Technologies stock opened at $10.64 on Friday. SolarEdge Technologies has a 1 year low of $10.55 and a 1 year high of $103.15. The firm’s 50 day moving average price is $18.19 and its 200-day moving average price is $29.11. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same quarter in the prior year, the firm posted ($1.03) earnings per share. The business’s revenue was down 64.0% on a year-over-year basis. As a group, equities research analysts anticipate that SolarEdge Technologies will post -17.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, Chairman More Avery bought 156,000 shares of the stock in a transaction on Monday, November 11th. The stock was bought at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the acquisition, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.67% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Yelin Lapidot Holdings Management Ltd. grew its stake in SolarEdge Technologies by 5.1% in the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after purchasing an additional 564 shares during the last quarter. Swiss National Bank raised its stake in shares of SolarEdge Technologies by 0.5% during the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after acquiring an additional 600 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in SolarEdge Technologies by 2.5% during the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock valued at $727,000 after acquiring an additional 700 shares during the last quarter. Bank Hapoalim BM boosted its stake in SolarEdge Technologies by 2.5% in the third quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after acquiring an additional 812 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in SolarEdge Technologies by 1.6% in the first quarter. California State Teachers Retirement System now owns 51,728 shares of the semiconductor company’s stock valued at $3,672,000 after acquiring an additional 827 shares in the last quarter. 95.10% of the stock is owned by institutional investors.

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.