SolarEdge Technologies (NASDAQ:SEDG) Sets New 12-Month Low Following Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price hit a new 52-week low on Thursday after UBS Group lowered their price target on the stock from $26.00 to $18.00. UBS Group currently has a neutral rating on the stock. SolarEdge Technologies traded as low as $12.38 and last traded at $13.35, with a volume of 2649123 shares changing hands. The stock had previously closed at $14.68.

A number of other equities analysts also recently commented on SEDG. JPMorgan Chase & Co. decreased their price target on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. William Blair began coverage on SolarEdge Technologies in a research note on Thursday, August 29th. They issued a “market perform” rating for the company. Morgan Stanley decreased their target price on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 8th. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $17.00 to $9.00 in a research note on Thursday. Finally, Bank of America downgraded SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $21.00 to $14.00 in a research note on Thursday. Nine analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and a consensus price target of $23.79.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Meitav Investment House Ltd. lifted its stake in shares of SolarEdge Technologies by 9.6% in the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after purchasing an additional 51,065 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of SolarEdge Technologies in the 3rd quarter valued at $1,495,000. E. Ohman J or Asset Management AB lifted its stake in shares of SolarEdge Technologies by 109.3% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company’s stock valued at $8,559,000 after purchasing an additional 195,085 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of SolarEdge Technologies by 56.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 309,623 shares of the semiconductor company’s stock valued at $7,093,000 after purchasing an additional 111,944 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C acquired a new stake in shares of SolarEdge Technologies in the 2nd quarter valued at $678,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. The firm’s 50 day moving average is $19.12 and its 200-day moving average is $30.89. The firm has a market cap of $775.27 million, a price-to-earnings ratio of -0.47 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The firm had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative return on equity of 56.32% and a negative net margin of 158.19%. The firm’s revenue was down 73.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.06 EPS. Sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -8.85 earnings per share 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.