SolarEdge Technologies (NASDAQ:SEDG) Trading Down 6%

SolarEdge Technologies, Inc. (NASDAQ:SEDG) dropped 6% on Thursday . The stock traded as low as $20.33 and last traded at $20.34. Approximately 736,571 shares were traded during trading, a decline of 77% from the average daily volume of 3,255,450 shares. The stock had previously closed at $21.64.

Analyst Ratings Changes

A number of research firms have recently weighed in on SEDG. Deutsche Bank Aktiengesellschaft reduced their target price on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Roth Mkm lowered their target price on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. lifted their price objective on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. The Goldman Sachs Group decreased their price target on shares of SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating for the company in a research note on Friday, August 9th. Finally, Jefferies Financial Group downgraded SolarEdge Technologies from a “hold” rating to an “underperform” rating and reduced their price objective for the stock from $27.00 to $17.00 in a report on Tuesday, September 17th. Five equities research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $49.35.

SolarEdge Technologies Trading Down 6.3 %

The company has a fifty day moving average price of $23.31 and a two-hundred day moving average price of $39.65. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -4.40 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.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data 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 firm had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. During the same quarter in the previous year, the business posted $2.06 earnings per share. SolarEdge Technologies’s revenue for the quarter was down 73.2% on a year-over-year basis. As a group, research analysts forecast that SolarEdge Technologies, Inc. will post -8.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in SEDG. International Assets Investment Management LLC acquired a new stake in shares of SolarEdge Technologies in the second quarter valued at $28,000. GAMMA Investing LLC boosted its position in shares of SolarEdge Technologies by 90.0% during the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 289 shares in the last quarter. Versant Capital Management Inc increased its holdings in SolarEdge Technologies by 1,066.7% in the first quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 640 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of SolarEdge Technologies in the 1st quarter worth about $64,000. Finally, Hexagon Capital Partners LLC increased its stake in shares of SolarEdge Technologies by 120.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after purchasing an additional 610 shares in 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.