SolarEdge Technologies (NASDAQ:SEDG) Reaches New 12-Month Low on Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) reached a new 52-week low on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $73.00 to $59.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. SolarEdge Technologies traded as low as $32.82 and last traded at $33.18, with a volume of 545514 shares trading hands. The stock had previously closed at $37.07.

A number of other equities research analysts have also recently commented on the company. Janney Montgomery Scott cut SolarEdge Technologies from a “buy” rating to a “neutral” rating in a research note on Friday, March 22nd. Wells Fargo & Company reduced their price objective on shares of SolarEdge Technologies from $81.00 to $62.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 15th. Northland Securities lowered shares of SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 9th. B. Riley reduced their price objective on shares of SolarEdge Technologies from $133.00 to $124.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Finally, BMO Capital Markets reduced their price objective on shares of SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating for the company in a research note on Thursday, May 9th. Four research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $85.19.

Hedge Funds Weigh In On SolarEdge Technologies

Several large investors have recently added to or reduced their stakes in SEDG. Manchester Capital Management LLC lifted its holdings in SolarEdge Technologies by 1,345.0% during the fourth quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 269 shares in the last quarter. GAMMA Investing LLC purchased a new position in SolarEdge Technologies during the fourth quarter valued at approximately $30,000. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in SolarEdge Technologies by 194.7% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 183 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of SolarEdge Technologies by 1,066.7% in the first quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after buying an additional 640 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in shares of SolarEdge Technologies in the first quarter worth $64,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Price Performance

The firm’s fifty day moving average price is $50.75 and its 200 day moving average price is $67.14. The company has a quick ratio of 2.19, a current ratio of 4.54 and a debt-to-equity ratio of 0.30. The stock has a market cap of $1.89 billion, a PE ratio of -7.10 and a beta of 1.62.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) EPS for the quarter, missing the consensus estimate of ($2.07) by ($0.35). SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. The company had revenue of $204.40 million during the quarter, compared to analysts’ expectations of $194.82 million. As a group, equities analysts expect that SolarEdge Technologies, Inc. will post -6.08 EPS 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.