SolarEdge Technologies (NASDAQ:SEDG) Cut to "Underweight" at Piper Sandler

Piper Sandler lowered shares of SolarEdge Technologies (NASDAQ:SEDG - Free Report) from a neutral rating to an underweight rating in a research note published on Thursday morning, MarketBeat Ratings reports. They currently have $9.00 price objective on the semiconductor company's stock, down from their previous price objective of $17.00.

A number of other equities analysts have also issued reports on the stock. William Blair initiated coverage on shares of SolarEdge Technologies in a research report on Thursday, August 29th. They issued a "market perform" rating for the company. Canaccord Genuity Group dropped their target price on SolarEdge Technologies from $38.00 to $27.00 and set a "hold" rating on the stock in a report on Thursday, August 8th. Royal Bank of Canada lowered their price target on SolarEdge Technologies from $35.00 to $25.00 and set a "sector perform" rating on the stock in a research report on Tuesday, October 15th. BMO Capital Markets cut their price objective on SolarEdge Technologies from $24.00 to $21.00 and set a "market perform" rating for the company in a report on Monday, October 14th. Finally, Jefferies Financial Group lowered SolarEdge Technologies from a "hold" rating to an "underperform" rating and lowered their target price for the stock from $27.00 to $17.00 in a report on Tuesday, September 17th. Nine research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $24.26.

SolarEdge Technologies Stock Performance

Shares of SEDG stock traded up $0.21 during trading hours on Thursday, reaching $14.88. The stock had a trading volume of 18,841,579 shares, 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. The firm has a 50-day simple moving average of $19.54 and a 200-day simple moving average of $31.29. SolarEdge Technologies has a twelve month low of $12.38 and a twelve month high of $103.15. 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 announced its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The firm had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. SolarEdge Technologies'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 business posted $2.06 EPS. As a group, equities analysts forecast that SolarEdge Technologies will post -8.85 earnings per share for the current year.

Institutional Trading of SolarEdge Technologies

A number of institutional investors have recently added to or reduced their stakes in SEDG. Trillium Asset Management LLC raised its holdings in shares of SolarEdge Technologies by 1.6% during the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company's stock valued at $1,960,000 after purchasing an additional 427 shares in the last quarter. Yelin Lapidot Holdings Management Ltd. raised its holdings in SolarEdge Technologies by 5.1% during the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company's stock valued at $294,000 after buying an additional 564 shares in the last quarter. Texas Permanent School Fund Corp lifted its position in shares of SolarEdge Technologies by 1.2% in the first quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company's stock worth $3,525,000 after buying an additional 585 shares during the last quarter. Swiss National Bank boosted its stake in shares of SolarEdge Technologies by 0.5% during the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company's stock worth $7,957,000 after acquiring an additional 600 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its holdings in shares of SolarEdge Technologies by 2.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company's stock valued at $727,000 after acquiring an additional 700 shares during the last quarter. 95.10% of the stock is currently 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.