SolarEdge Technologies’ (SEDG) Underweight Rating Reiterated at Morgan Stanley

Morgan Stanley reissued their underweight rating on shares of SolarEdge Technologies (NASDAQ:SEDG) in a research note released on Friday morning, MarketBeat.com reports. The firm currently has a $9.00 target price on the semiconductor company’s stock, down from their prior target price of $23.00.

Several other analysts have also recently weighed in on the company. Jefferies Financial Group cut SolarEdge Technologies from a “hold” rating to an “underperform” rating and lowered their price target for the company from $27.00 to $17.00 in a report on Tuesday, September 17th. William Blair assumed coverage on shares of SolarEdge Technologies in a research note on Thursday, August 29th. They issued a “market perform” rating on the stock. The Goldman Sachs Group cut their price target on shares of SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a research note on Thursday, November 7th. Bank of America cut shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $21.00 to $14.00 in a research report on Thursday, November 7th. Finally, BMO Capital Markets cut their target price on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research report on Thursday, November 7th. Ten analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Price Performance

Shares of NASDAQ:SEDG opened at $10.64 on Friday. The company has a 50 day moving average of $18.19 and a 200 day moving average of $28.90. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The stock has a market cap of $616.59 million, a P/E ratio of -0.37 and a beta of 1.59. SolarEdge Technologies has a 12 month low of $10.55 and a 12 month high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. During the same quarter last year, the firm earned ($1.03) earnings per share. The firm’s revenue for the quarter was down 64.0% on a year-over-year basis. As a group, sell-side analysts forecast that SolarEdge Technologies will post -17.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the transaction, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SEDG. Swedbank AB bought a new stake in shares of SolarEdge Technologies during the 1st quarter valued at $261,312,000. Quarry LP purchased a new position in SolarEdge Technologies during the 2nd quarter valued at about $36,627,000. Marshall Wace LLP boosted its stake in SolarEdge Technologies by 425.1% during the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after acquiring an additional 450,081 shares in the last quarter. Soros Fund Management LLC purchased a new stake in SolarEdge Technologies in the third quarter worth about $5,293,000. Finally, Quadrature Capital Ltd grew its holdings in SolarEdge Technologies by 1,206.8% in the first quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock worth $17,080,000 after purchasing an additional 222,218 shares during the period. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.