SolarEdge Technologies (NASDAQ:SEDG) Stock Rating Lowered by Bank of America

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) was downgraded by investment analysts at Bank of America from a "neutral" rating to an "underperform" rating in a report released on Thursday, Marketbeat reports. They presently have a $14.00 target price on the semiconductor company's stock, down from their previous target price of $21.00. Bank of America's price objective would suggest a potential downside of 5.91% from the company's current price.

Several other equities analysts have also issued reports on SEDG. JPMorgan Chase & Co. lowered their price target on SolarEdge Technologies from $35.00 to $29.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 23rd. Glj Research lowered SolarEdge Technologies from a "strong-buy" rating to a "strong sell" rating in a research note on Tuesday, October 8th. Piper Sandler cut SolarEdge Technologies from a "neutral" rating to an "underweight" rating and reduced their target price for the stock from $17.00 to $9.00 in a research report on Thursday. Mizuho lowered their price target on shares of SolarEdge Technologies from $40.00 to $35.00 and set an "outperform" rating on the stock in a report on Thursday, September 19th. Finally, Citigroup dropped their price objective on shares of SolarEdge Technologies from $31.00 to $19.00 and set a "neutral" rating for the company in a research note on Tuesday, October 22nd. Nine equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $24.26.

SolarEdge Technologies Stock Performance

SEDG stock traded up $0.21 on Thursday, reaching $14.88. 18,841,579 shares of the company were exchanged, compared to its average volume of 3,452,642. The firm has a market capitalization of $852.62 million, a PE ratio of -1.63 and a beta of 1.59. SolarEdge Technologies has a 12 month low of $12.38 and a 12 month high of $103.15. The stock's fifty day moving average price is $19.54 and its 200 day moving average price is $31.29. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The company had revenue of $265.41 million for the quarter, compared to the consensus estimate of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The business's revenue for the quarter was down 73.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.06 EPS. On average, research analysts anticipate that SolarEdge Technologies will post -8.85 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors have recently modified their holdings of the stock. AMG National Trust Bank acquired a new stake in shares of SolarEdge Technologies in the 3rd quarter valued at $4,055,000. Mizuho Markets Americas LLC boosted its holdings in SolarEdge Technologies by 653.4% in the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company's stock valued at $4,315,000 after acquiring an additional 163,340 shares during the last quarter. KBC Group NV boosted its holdings in 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 acquiring an additional 1,378 shares during the last quarter. GSA Capital Partners LLP increased its position in SolarEdge Technologies by 105.9% in the third quarter. GSA Capital Partners LLP now owns 28,196 shares of the semiconductor company's stock worth $646,000 after purchasing an additional 14,503 shares during the period. Finally, M&G PLC raised its holdings in SolarEdge Technologies by 4.2% during the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company's stock worth $21,452,000 after purchasing an additional 38,001 shares during the last quarter. 95.10% of the stock is 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.