SolarEdge Technologies (NASDAQ:SEDG) Trading Down 2.6% – Here’s What Happened

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) dropped 2.6% during mid-day trading on Thursday . The company traded as low as $14.31 and last traded at $14.44. Approximately 533,902 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 3,720,005 shares. The stock had previously closed at $14.83.

Analyst Upgrades and Downgrades

SEDG has been the subject of several recent analyst reports. Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $17.00 to $9.00 in a research report on Thursday, November 7th. Roth Mkm decreased their price objective on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. lowered their target price on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Finally, UBS Group lowered their price objective on shares of SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Seven research analysts have rated the stock with a sell rating, nineteen have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $22.40.

SolarEdge Technologies Price Performance

The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The business has a 50-day simple moving average of $14.34 and a 200 day simple moving average of $21.40. The firm has a market cap of $799.71 million, a P/E ratio of -0.48 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last announced its 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). The business had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. SolarEdge Technologies’s revenue was down 64.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.03) EPS. On average, analysts anticipate that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In other news, Chairman More Avery purchased 156,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in SEDG. Quarry LP bought a new stake in SolarEdge Technologies in the second quarter worth $36,627,000. Two Sigma Advisers LP raised its position in shares of SolarEdge Technologies by 0.3% in the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after purchasing an additional 3,400 shares during the last quarter. M&G PLC boosted its stake in SolarEdge Technologies by 4.2% in the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock worth $21,452,000 after purchasing an additional 38,001 shares in the last quarter. Geode Capital Management LLC grew its position in SolarEdge Technologies by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock valued at $16,227,000 after purchasing an additional 25,474 shares during the last quarter. Finally, Meitav Investment House Ltd. increased its stake in SolarEdge Technologies by 9.6% during 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 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.