SolarEdge Technologies’ (SEDG) “Sell” Rating Reiterated at Glj Research

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “sell” rating reissued by research analysts at Glj Research in a research report issued on Friday,Benzinga reports. They presently have a $3.90 target price on the semiconductor company’s stock. Glj Research’s price objective would suggest a potential downside of 75.32% from the stock’s previous close.

SEDG has been the subject of several other reports. Truist Financial decreased their price objective on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft decreased their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 9th. Susquehanna dropped their price objective on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Canaccord Genuity Group decreased their target price on 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, Piper Sandler lowered shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $17.00 to $9.00 in a research note on Thursday, November 7th. Nine research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and an average price target of $22.04.

SolarEdge Technologies Price Performance

Shares of NASDAQ SEDG opened at $15.80 on Friday. The stock’s 50-day moving average is $16.73 and its two-hundred day moving average is $26.26. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The company has a market cap of $915.61 million, a price-to-earnings ratio of -0.54 and a beta of 1.59. SolarEdge Technologies has a 1-year low of $10.24 and a 1-year high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results 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 return on equity of 65.79% and a negative net margin of 158.19%. The firm 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 company posted ($1.03) earnings per share. The firm’s quarterly revenue was down 64.0% on a year-over-year basis. Analysts forecast that SolarEdge Technologies will post -19.05 EPS for the current fiscal year.

Insider Activity

In other news, Chairman More Avery acquired 156,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were purchased 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 position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently bought and sold shares of SEDG. International Assets Investment Management LLC acquired a new position in shares of SolarEdge Technologies during the second quarter worth about $28,000. KBC Group NV boosted 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 valued at $65,000 after purchasing an additional 1,378 shares in the last quarter. First Pacific Financial increased its position in SolarEdge Technologies by 53.0% during the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after purchasing an additional 1,805 shares during the period. US Bancorp DE raised its stake in shares of SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after buying an additional 4,834 shares in the last quarter. Finally, GFG Capital LLC acquired a new stake in shares of SolarEdge Technologies in the 3rd quarter valued at approximately $229,000. Hedge funds and other 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.