SolarEdge Technologies (NASDAQ:SEDG) Stock Price Down 9.2% After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares dropped 9.2% during mid-day trading on Friday 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 $13.44 and last traded at $13.51. Approximately 3,211,001 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 3,451,645 shares. The stock had previously closed at $14.88.

SEDG has been the topic of a number of other reports. Jefferies Financial Group lowered SolarEdge Technologies from a “hold” rating to an “underperform” rating and lowered their target price for the stock from $27.00 to $17.00 in a research report on Tuesday, September 17th. Deutsche Bank Aktiengesellschaft lowered their target price on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Mizuho lowered SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $35.00 to $11.00 in a research report on Thursday. William Blair initiated coverage on SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating on the stock. Finally, Scotiabank lowered their target price on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Nine equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $23.79.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Trillium Asset Management LLC grew its position in SolarEdge Technologies by 1.6% during the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock worth $1,960,000 after acquiring an additional 427 shares during the last quarter. Yelin Lapidot Holdings Management Ltd. grew its position in shares of SolarEdge Technologies by 5.1% in the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock worth $294,000 after buying an additional 564 shares during the last quarter. Texas Permanent School Fund Corp grew its position in shares of SolarEdge Technologies by 1.2% in the 1st quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock worth $3,525,000 after buying an additional 585 shares during the last quarter. Swiss National Bank grew its position in shares of SolarEdge Technologies by 0.5% in the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after buying an additional 600 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its position in shares of SolarEdge Technologies by 2.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock worth $727,000 after buying an additional 700 shares during the last quarter. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Trading Down 9.1 %

The stock has a market capitalization of $775.27 million, a P/E ratio of -0.47 and a beta of 1.59. The stock has a 50-day moving average price of $19.12 and a two-hundred day moving average price of $30.89. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10.

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