SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $7.00 at Barclays

SolarEdge Technologies (NASDAQ:SEDG) had its price target decreased by Barclays from $17.00 to $7.00 in a research report released on Friday morning,Benzinga reports. Barclays currently has an underperform rating on the semiconductor company’s stock.

Several other analysts have also recently weighed in on SEDG. Scotiabank dropped their price target on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Roth Mkm reduced their target price on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. BMO Capital Markets dropped their price objective on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research note on Thursday, November 7th. Mizuho cut shares of 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 report on Thursday, November 7th. Finally, TD Cowen cut their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. Ten research 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’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $22.79.

SolarEdge Technologies Stock Down 17.1 %

SEDG opened at $10.64 on Friday. 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’s fifty day simple moving average is $18.19 and its 200 day simple moving average is $28.90. SolarEdge Technologies has a 1-year low of $10.55 and a 1-year high of $103.15. The stock has a market cap of $616.59 million, a PE ratio of -0.37 and a beta of 1.59.

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

Insiders Place Their Bets

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the transaction, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several large investors have recently modified their holdings of the business. International Assets Investment Management LLC bought a new stake in shares of SolarEdge Technologies in the second quarter worth $28,000. EntryPoint Capital LLC acquired a new stake in shares of SolarEdge Technologies in the first quarter valued at about $64,000. KBC Group NV increased its stake in shares of SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 1,378 shares during the period. First Pacific Financial raised its position in shares of SolarEdge Technologies by 53.0% during the second quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 1,805 shares during the last quarter. Finally, US Bancorp DE lifted its stake in shares of SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after acquiring an additional 4,834 shares during the period. 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.