SolarEdge Technologies (NASDAQ:SEDG) Sets New 1-Year Low – Here’s What Happened

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) hit a new 52-week low on Wednesday . The company traded as low as $12.11 and last traded at $12.12, with a volume of 326001 shares trading hands. The stock had previously closed at $12.24.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Barclays dropped their price objective on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating for the company in a report on Friday, October 11th. Citigroup lowered their price target on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. The Goldman Sachs Group lowered their price target on shares of SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a report on Thursday, November 7th. Scotiabank lowered their price target on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Finally, Canaccord Genuity Group lowered their price target on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Nine equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus target price of $23.79.

SolarEdge Technologies Stock Performance

The company has a market cap of $743.50 million, a PE ratio of -0.44 and a beta of 1.59. 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’s 50-day simple moving average is $18.37 and its 200 day simple moving average is $29.65.

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 firm had revenue of $260.90 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 64.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.03) EPS. As a group, equities analysts anticipate that SolarEdge Technologies, Inc. will post -17.51 EPS for the current year.

Insider Activity

In related news, Chairman More Avery purchased 156,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was acquired at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently made changes to their positions in SEDG. Swiss National Bank increased its holdings in shares of SolarEdge Technologies by 0.5% in the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock valued at $7,957,000 after purchasing an additional 600 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of SolarEdge Technologies by 24.9% in the 1st quarter. ProShare Advisors LLC now owns 10,030 shares of the semiconductor company’s stock valued at $712,000 after purchasing an additional 1,997 shares in the last quarter. State Board of Administration of Florida Retirement System purchased a new position in shares of SolarEdge Technologies in the 1st quarter valued at about $236,000. Trillium Asset Management LLC grew its stake in SolarEdge Technologies by 1.6% in the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock valued at $1,960,000 after acquiring an additional 427 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in SolarEdge Technologies by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after acquiring an additional 62,942 shares during the last quarter. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.