Guggenheim Upgrades SolarEdge Technologies (NASDAQ:SEDG) to “Neutral”

SolarEdge Technologies (NASDAQ:SEDG) was upgraded by research analysts at Guggenheim from a “sell” rating to a “neutral” rating in a research note issued to investors on Wednesday, Marketbeat reports.

Other analysts have also recently issued research reports about the stock. Barclays decreased their price target on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. Morgan Stanley reiterated an “underweight” rating and set a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a research note on Friday, November 15th. The Goldman Sachs Group decreased their price target on shares of SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group decreased their price target on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, William Blair began coverage on shares of SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating for the company. Nine investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Trading Down 1.4 %

Shares of SolarEdge Technologies stock opened at $10.72 on Wednesday. The company has a fifty day simple moving average of $17.58 and a 200-day simple moving average of $27.96. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $103.15. 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 has a market cap of $621.22 million, a price-to-earnings ratio of -0.37 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $272.80 million. During the same quarter in the previous year, the company posted ($1.03) EPS. The company’s quarterly revenue was down 64.0% on a year-over-year basis. On average, equities analysts forecast that SolarEdge Technologies will post -19.05 EPS for the current fiscal year.

Insider Activity at SolarEdge Technologies

In other news, Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were bought at an average cost 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 approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several hedge funds have recently modified their holdings of SEDG. State Board of Administration of Florida Retirement System acquired a new stake in shares of SolarEdge Technologies in the first quarter worth approximately $236,000. Vanguard Group Inc. boosted its position in shares of SolarEdge Technologies by 2.8% in the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after acquiring an additional 62,942 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of SolarEdge Technologies in the first quarter worth approximately $64,000. Quadrature Capital Ltd boosted its position in shares of SolarEdge Technologies by 1,206.8% in the first quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock worth $17,080,000 after acquiring an additional 222,218 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in shares of SolarEdge Technologies by 1.6% in the first quarter. California State Teachers Retirement System now owns 51,728 shares of the semiconductor company’s stock worth $3,672,000 after acquiring an additional 827 shares during the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

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.