SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped down before the market opened on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $58.00 to $38.00. The stock had previously closed at $33.25, but opened at $27.40. Canaccord Genuity Group currently has a hold rating on the stock. SolarEdge Technologies shares last traded at $27.77, with a volume of 1,810,591 shares traded.

Several other equities analysts have also recently weighed in on SEDG. BMO Capital Markets decreased their price objective on SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating for the company in a report on Thursday, May 9th. TD Cowen decreased their price target on SolarEdge Technologies from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. JPMorgan Chase & Co. dropped their price objective on SolarEdge Technologies from $73.00 to $59.00 and set an “overweight” rating on the stock in a research note on Thursday, June 20th. Scotiabank decreased their target price on shares of SolarEdge Technologies from $72.00 to $46.00 and set a “sector perform” rating for the company in a research note on Tuesday. Finally, Northland Securities lowered shares of SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 9th. Four analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $81.88.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Manchester Capital Management LLC lifted its position 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 worth $27,000 after purchasing an additional 269 shares during the period. GAMMA Investing LLC bought a new position in SolarEdge Technologies in the 4th quarter valued at about $30,000. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of SolarEdge Technologies by 194.7% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 183 shares during the period. Versant Capital Management Inc lifted its holdings in shares of SolarEdge Technologies by 1,066.7% during the 1st quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 640 shares during the period. Finally, EntryPoint Capital LLC bought a new position in SolarEdge Technologies in the first quarter valued at approximately $64,000. 95.10% of the stock is currently owned by institutional investors and hedge funds.

SolarEdge Technologies Price Performance

The firm has a market capitalization of $1.59 billion, a P/E ratio of -5.95 and a beta of 1.62. 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 business’s 50 day moving average is $50.21 and its 200-day moving average is $66.61.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. The business had revenue of $204.40 million during the quarter, compared to analyst estimates of $194.82 million. As a group, sell-side analysts predict that SolarEdge Technologies, Inc. will post -6.08 EPS for the current fiscal year.

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.