SolarEdge Technologies, Inc. (NASDAQ:SEDG) Given Consensus Rating of “Reduce” by Brokerages

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) have received an average recommendation of “Reduce” from the twenty-nine ratings firms that are currently covering the company, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a sell recommendation, nineteen have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $22.04.

A number of equities analysts recently weighed in on SEDG shares. Barclays dropped their price target on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a research note on Friday, November 15th. Morgan Stanley restated an “underweight” rating and set a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Guggenheim upgraded shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. William Blair started coverage on SolarEdge Technologies in a report on Thursday, August 29th. They issued a “market perform” rating for the company. Finally, Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $17.00 to $9.00 in a research report on Thursday, November 7th.

SolarEdge Technologies Stock Up 0.5 %

SEDG stock opened at $13.35 on Friday. The firm has a market cap of $773.63 million, a PE ratio of -0.46 and a beta of 1.56. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $103.15. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The firm has a 50 day simple moving average of $15.24 and a 200 day simple moving average of $23.77.

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

Insiders Place Their Bets

In other news, Chairman More Avery purchased 156,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

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

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.