SolarEdge Technologies (NASDAQ:SEDG) Lowered to Underperform at Jefferies Financial Group

Jefferies Financial Group cut shares of SolarEdge Technologies (NASDAQ:SEDG) from a hold rating to an underperform rating in a research report released on Tuesday, MarketBeat Ratings reports. They currently have $17.00 price objective on the semiconductor company’s stock, down from their prior price objective of $27.00.

Several other equities research analysts have also recently weighed in on SEDG. Royal Bank of Canada decreased their price target on SolarEdge Technologies from $37.00 to $35.00 and set a sector perform rating on the stock in a research report on Thursday, August 8th. Susquehanna cut their price objective on SolarEdge Technologies from $36.00 to $24.00 and set a neutral rating for the company in a report on Thursday, August 8th. TD Cowen cut their price objective on SolarEdge Technologies from $50.00 to $35.00 and set a buy rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group cut their price objective on SolarEdge Technologies from $25.00 to $19.00 and set a sell rating for the company in a report on Friday, August 9th. Finally, Roth Mkm cut their price objective on SolarEdge Technologies from $27.00 to $23.00 and set a neutral rating for the company in a report on Thursday, August 8th. Five research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, SolarEdge Technologies currently has a consensus rating of Hold and an average price target of $51.23.

SolarEdge Technologies Trading Up 2.6 %

Shares of SolarEdge Technologies stock opened at $22.52 on Tuesday. SolarEdge Technologies has a 52-week low of $17.12 and a 52-week high of $141.70. The stock’s 50-day simple moving average is $24.78 and its 200 day simple moving average is $43.49. The stock has a market capitalization of $1.29 billion, a P/E ratio of -4.80 and a beta of 1.56. 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 announced its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The firm had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same quarter in the prior year, the firm posted $2.06 earnings per share. The company’s revenue was down 73.2% on a year-over-year basis. As a group, research analysts anticipate that SolarEdge Technologies will post -8.67 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP bought a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $36,627,000. The Manufacturers Life Insurance Company raised its holdings in shares of SolarEdge Technologies by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock valued at $534,000 after acquiring an additional 1,175 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $678,000. AQR Capital Management LLC bought a new position in SolarEdge Technologies in the second quarter worth $600,000. Finally, Marshall Wace LLP raised its holdings in SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after purchasing an additional 450,081 shares in the last quarter. Institutional investors own 95.10% of the company’s stock.

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.