SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price gapped down before the market opened on Wednesday after Wells Fargo & Company lowered their price target on the stock from $19.00 to $15.00. The stock had previously closed at $17.59, but opened at $16.48. Wells Fargo & Company currently has an equal weight rating on the stock. SolarEdge Technologies shares last traded at $16.37, with a volume of 1,204,286 shares trading hands.

SEDG has been the subject of a number of other reports. StockNews.com raised SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Truist Financial decreased their price objective on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a report on Friday, November 8th. Barclays dropped their target price on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a report on Friday, November 15th. TD Cowen reduced their price target on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, November 7th. Finally, Bank of America downgraded shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $21.00 to $14.00 in a research note on Thursday, November 7th. Eight analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $21.16.

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery purchased 156,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were acquired at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the purchase, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.67% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SEDG. KBC Group NV increased its holdings in SolarEdge Technologies by 95.8% in the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after buying an additional 1,378 shares during the period. GAMMA Investing LLC lifted its stake in SolarEdge Technologies by 655.2% during the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock valued at $72,000 after acquiring an additional 4,567 shares during the period. US Bancorp DE boosted its holdings in shares of SolarEdge Technologies by 243.6% in the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after acquiring an additional 4,834 shares during the last quarter. GFG Capital LLC acquired a new stake in shares of SolarEdge Technologies in the third quarter worth $229,000. Finally, Magnetar Financial LLC purchased a new position in shares of SolarEdge Technologies during the second quarter worth $286,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Down 14.8 %

The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $868.67 million, a price-to-earnings ratio of -0.52 and a beta of 1.56. The business’s 50-day moving average is $14.09 and its 200-day moving average is $19.92.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share 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 company had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. During the same quarter in the previous year, the business posted ($1.03) EPS. The business’s quarterly revenue was down 64.0% on a year-over-year basis. As a group, equities analysts predict that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current 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.