SolarEdge Technologies (NASDAQ:SEDG) Stock Price Down 5.4%

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares traded down 5.4% on Wednesday . The company traded as low as $20.00 and last traded at $20.11. 2,177,953 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 3,261,275 shares. The stock had previously closed at $21.25.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SEDG shares. The Goldman Sachs Group cut their price target on SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating for the company in a report on Friday, August 9th. Wells Fargo & Company reduced their target price on shares of SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 2nd. Susquehanna decreased their price target on shares of SolarEdge Technologies from $36.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Truist Financial restated a “hold” rating and set a $20.00 price objective on shares of SolarEdge Technologies in a research report on Tuesday, August 27th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 9th. Five equities research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SolarEdge Technologies currently has a consensus rating of “Hold” and an average target price of $49.35.

SolarEdge Technologies Stock Performance

The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -4.97 and a beta of 1.56. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The stock’s 50-day moving average is $23.57 and its 200-day moving average is $41.12.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. During the same quarter last year, the company posted $2.06 earnings per share. The firm’s quarterly revenue was down 73.2% on a year-over-year basis. On average, analysts predict that SolarEdge Technologies, Inc. will post -8.67 EPS for the current fiscal year.

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in SolarEdge Technologies by 24.3% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 181,500 shares of the semiconductor company’s stock valued at $4,585,000 after buying an additional 35,495 shares during the last quarter. Quarry LP acquired a new position in SolarEdge Technologies in the 2nd quarter valued at approximately $36,627,000. The Manufacturers Life Insurance Company raised its stake in shares of SolarEdge Technologies by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock valued at $534,000 after acquiring an additional 1,175 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new position in shares of SolarEdge Technologies during the second quarter worth $678,000. Finally, AQR Capital Management LLC bought a new stake in shares of SolarEdge Technologies in the second quarter worth $600,000. 95.10% of the stock is owned by institutional investors and hedge funds.

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.