SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shares gapped down before the market opened on Wednesday after Wells Fargo & Company lowered their price target on the stock from $19.00 to $15.00. The stock had previously closed at $17.59, but opened at $16.48. Wells Fargo & Company currently has an equal weight rating on the stock. SolarEdge Technologies shares last traded at $16.37, with a volume of 1,204,286 shares.
Several other equities analysts also recently commented on SEDG. JPMorgan Chase & Co. cut their price target on shares of SolarEdge Technologies from $35.00 to $29.00 and set an "overweight" rating on the stock in a report on Wednesday, October 23rd. Canaccord Genuity Group upped their target price on SolarEdge Technologies from $16.00 to $18.00 and gave the company a "hold" rating in a research note on Tuesday. The Goldman Sachs Group raised their price target on SolarEdge Technologies from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Tuesday. StockNews.com raised SolarEdge Technologies to a "sell" rating in a research report on Friday, November 8th. Finally, Guggenheim raised shares of SolarEdge Technologies from a "sell" rating to a "neutral" rating in a research note on Wednesday, November 20th. Eight analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, SolarEdge Technologies has an average rating of "Hold" and an average target price of $21.16.
View Our Latest Analysis on SEDG
Insider Transactions at SolarEdge Technologies
In other news, Chairman More Avery purchased 156,000 shares of the stock in a transaction on Monday, November 11th. The stock was bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the transaction, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. The trade was a 176.32 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.67% of the company's stock.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the company. Quarry LP purchased a new stake in SolarEdge Technologies in the second quarter valued at $36,627,000. Two Sigma Advisers LP boosted its stake in shares of SolarEdge Technologies by 0.3% in the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company's stock worth $26,166,000 after buying an additional 3,400 shares during the last quarter. M&G PLC grew its holdings in SolarEdge Technologies by 4.2% during the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company's stock worth $21,452,000 after acquiring an additional 38,001 shares during the period. Geode Capital Management LLC raised its position in SolarEdge Technologies by 3.7% during the third quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company's stock valued at $16,227,000 after acquiring an additional 25,474 shares in the last quarter. Finally, Meitav Investment House Ltd. lifted its holdings in SolarEdge Technologies by 9.6% in the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company's stock valued at $13,340,000 after acquiring an additional 51,065 shares during the period. 95.10% of the stock is owned by institutional investors and hedge funds.
SolarEdge Technologies Stock Performance
The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The firm's 50 day moving average is $14.13 and its 200-day moving average is $19.95. The stock has a market capitalization of $868.67 million, a price-to-earnings ratio of -0.52 and a beta of 1.56.
SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) 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 business had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. During the same period in the previous year, the business posted ($1.03) earnings per share. The firm's revenue for the quarter was down 64.0% on a year-over-year basis. Analysts forecast that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current fiscal year.
About SolarEdge Technologies
(
Get Free Report)
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.
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