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

SolarEdge Technologies, Inc. (NASDAQ:SEDG) has earned a consensus recommendation of “Reduce” from the twenty-nine ratings firms that are covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a sell recommendation, nineteen have assigned a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $21.72.

A number of brokerages recently commented on SEDG. Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a report on Wednesday, November 20th. Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $21.00 to $14.00 in a report on Thursday, November 7th. Piper Sandler lowered SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $17.00 to $9.00 in a report on Thursday, November 7th. Jefferies Financial Group lowered shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and dropped their price objective for the stock from $27.00 to $17.00 in a research note on Tuesday, September 17th. Finally, Barclays reduced their target price on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a research note on Friday, November 15th.

Insider Activity

In related news, Chairman More Avery acquired 156,000 shares of the company’s stock in a transaction that occurred on 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Several hedge funds have recently modified their holdings of SEDG. KBC Group NV boosted its stake in SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after acquiring an additional 1,378 shares in the last quarter. GAMMA Investing LLC grew its stake in SolarEdge Technologies by 655.2% during the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after buying an additional 4,567 shares during the last quarter. US Bancorp DE increased its position in SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after buying an additional 4,834 shares in the last quarter. GFG Capital LLC acquired a new stake in SolarEdge Technologies in the third quarter worth about $229,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of SolarEdge Technologies during the third quarter worth about $278,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Up 8.0 %

Shares of SEDG opened at $17.59 on Wednesday. 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 stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -0.61 and a beta of 1.56. SolarEdge Technologies has a 1 year low of $10.24 and a 1 year high of $87.98. The business’s 50 day simple moving average is $14.13 and its 200-day simple moving average is $19.95.

SolarEdge Technologies (NASDAQ:SEDG) last released 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 business had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. During the same period in the previous year, the company earned ($1.03) EPS. SolarEdge Technologies’s revenue for the quarter was down 64.0% compared to the same quarter last year. As a group, equities analysts expect that SolarEdge Technologies will post -19.18 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.