SolarEdge Technologies, Inc. (NASDAQ:SEDG) Receives Average Recommendation of “Reduce” from Brokerages

SolarEdge Technologies, Inc. (NASDAQ:SEDG) has earned an average recommendation of “Reduce” from the twenty-nine analysts that are covering the stock, Marketbeat.com reports. Nine investment analysts have rated the stock with a sell recommendation, eighteen have issued a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $22.79.

SEDG has been the topic of a number of recent analyst reports. Barclays dropped their price objective on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a research report on Friday. Glj Research cut SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday, October 8th. 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. Morgan Stanley reissued an “underweight” rating and issued a $9.00 price target (down from $23.00) on shares of SolarEdge Technologies in a research report on Friday. Finally, Mizuho cut SolarEdge Technologies from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $35.00 to $11.00 in a research report on Thursday, November 7th.

SolarEdge Technologies Stock Performance

NASDAQ:SEDG opened at $10.85 on Tuesday. SolarEdge Technologies has a 52 week low of $10.37 and a 52 week high of $103.15. The company has a fifty day simple moving average of $18.05 and a two-hundred day simple moving average of $28.56. 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 cap of $628.76 million, a price-to-earnings ratio of -0.37 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data 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 company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.03) earnings per share. As a group, equities analysts anticipate that SolarEdge Technologies will post -17.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman More Avery purchased 156,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was acquired at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the purchase, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Swedbank AB purchased a new stake in SolarEdge Technologies during the 1st quarter worth about $261,312,000. Quarry LP purchased a new stake in shares of SolarEdge Technologies during the second quarter worth about $36,627,000. Marshall Wace LLP raised its position in shares of SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after buying an additional 450,081 shares during the last quarter. Soros Fund Management LLC acquired a new position in shares of SolarEdge Technologies in the third quarter valued at approximately $5,293,000. Finally, Quadrature Capital Ltd lifted its stake in shares of SolarEdge Technologies by 1,206.8% during the 1st 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. Hedge funds and other 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.