SolarEdge Technologies (NASDAQ:SEDG) Reaches New 1-Year Low Following Analyst Downgrade

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) reached a new 52-week low during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $35.00 to $29.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. SolarEdge Technologies traded as low as $16.24 and last traded at $16.24, with a volume of 179312 shares traded. The stock had previously closed at $17.58.

SEDG has been the subject of several other research reports. Mizuho reduced their price target on shares of SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Thursday, September 19th. Guggenheim downgraded shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a research report on Thursday, October 17th. William Blair began coverage on shares of SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating for the company. TD Cowen restated a “hold” rating and set a $16.00 price target (down previously from $35.00) on shares of SolarEdge Technologies in a research report on Monday. Finally, Citigroup cut their price objective on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday. Seven analysts have rated the stock with a sell rating, twenty-two have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and an average price target of $31.52.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale acquired a new position in SolarEdge Technologies during the third quarter worth about $1,495,000. Mirae Asset Global Investments Co. Ltd. grew its position in SolarEdge Technologies by 9.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the semiconductor company’s stock worth $694,000 after buying an additional 2,500 shares during the period. E. Ohman J or Asset Management AB grew its position in SolarEdge Technologies by 109.3% during the third quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company’s stock worth $8,559,000 after buying an additional 195,085 shares during the period. Assenagon Asset Management S.A. grew its position in SolarEdge Technologies by 56.6% during the third quarter. Assenagon Asset Management S.A. now owns 309,623 shares of the semiconductor company’s stock worth $7,093,000 after buying an additional 111,944 shares during the period. Finally, International Assets Investment Management LLC grew its position in SolarEdge Technologies by 2,191.0% during the third quarter. International Assets Investment Management LLC now owns 25,407 shares of the semiconductor company’s stock worth $582,000 after buying an additional 24,298 shares during the period. 95.10% of the stock is currently owned by institutional investors and hedge funds.

SolarEdge Technologies Stock Up 2.1 %

The firm’s 50-day moving average price is $21.22 and its 200 day moving average price is $34.44. The firm has a market capitalization of $874.10 million, a price-to-earnings ratio of -3.28 and a beta of 1.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The business had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The firm’s revenue for the quarter was down 73.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.06 earnings per share. Sell-side analysts expect that SolarEdge Technologies, Inc. will post -8.78 EPS for the current 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.