SolarEdge Technologies (NASDAQ:SEDG) Earns Sell Rating from Citigroup

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “sell” rating reiterated by Citigroup in a research report issued on Wednesday, Marketbeat.com reports. They currently have a $9.00 price objective on the semiconductor company’s stock, down from their previous price objective of $12.00. Citigroup’s price objective indicates a potential downside of 39.96% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. reduced their price objective on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Roth Mkm decreased their price objective on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. The Goldman Sachs Group increased their price objective on SolarEdge Technologies from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday. Barclays cut their target price on SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a research report on Friday, November 15th. Finally, Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Eight equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $21.16.

SolarEdge Technologies Stock Down 14.8 %

SEDG stock opened at $14.99 on Wednesday. The stock’s 50 day simple moving average is $14.05 and its 200 day simple moving average is $19.88. The company has a market cap of $868.67 million, a P/E ratio of -0.52 and a beta of 1.56. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $87.98.

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 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 during the quarter, compared to the consensus estimate of $272.80 million. During the same quarter in the prior year, the business earned ($1.03) earnings per share. SolarEdge Technologies’s revenue for the quarter was down 64.0% on a year-over-year basis. On average, research analysts expect that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal year.

Insider Activity at SolarEdge Technologies

In related news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction on 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 acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently modified their holdings of SEDG. Bank Hapoalim BM increased its holdings in SolarEdge Technologies by 2.5% during the 3rd quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock worth $769,000 after acquiring an additional 812 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of SolarEdge Technologies by 5.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock valued at $534,000 after purchasing an additional 1,175 shares in the last quarter. KBC Group NV increased its holdings 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 worth $65,000 after purchasing an additional 1,378 shares during the period. ProShare Advisors LLC raised its position in shares of SolarEdge Technologies by 15.6% in the second quarter. ProShare Advisors LLC now owns 11,599 shares of the semiconductor company’s stock worth $293,000 after buying an additional 1,569 shares in the last quarter. Finally, Ensign Peak Advisors Inc boosted its stake in SolarEdge Technologies by 10.5% during the second quarter. Ensign Peak Advisors Inc now owns 18,491 shares of the semiconductor company’s stock valued at $467,000 after buying an additional 1,750 shares during the period. 95.10% of the stock is currently owned by institutional investors.

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.