SolarEdge Technologies (NASDAQ:SEDG) Stock Price Down 9.2% on Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s share price dropped 9.2% on Friday after UBS Group lowered their price target on the stock from $26.00 to $18.00. UBS Group currently has a neutral rating on the stock. SolarEdge Technologies traded as low as $13.44 and last traded at $13.51. Approximately 3,211,001 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 3,451,645 shares. The stock had previously closed at $14.88.

Other research analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft decreased their price target on SolarEdge Technologies from $40.00 to $25.00 and set a "hold" rating on the stock in a research note on Friday, August 9th. Guggenheim downgraded SolarEdge Technologies from a "neutral" rating to a "sell" rating and set a $10.00 target price for the company. in a research report on Thursday, October 17th. TD Cowen reduced their price target on shares of SolarEdge Technologies from $16.00 to $11.00 and set a "hold" rating on the stock in a research report on Thursday. Roth Mkm dropped their price objective on shares of SolarEdge Technologies from $20.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday. Finally, Glj Research lowered shares of SolarEdge Technologies from a "strong-buy" rating to a "strong sell" rating in a report on Tuesday, October 8th. Nine equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $23.79.

Institutional Investors Weigh In On SolarEdge Technologies

Several hedge funds have recently modified their holdings of the stock. EntryPoint Capital LLC acquired a new stake in SolarEdge Technologies in the first quarter valued at $64,000. International Assets Investment Management LLC purchased a new stake in SolarEdge Technologies during the second quarter worth about $28,000. KBC Group NV grew its position in SolarEdge Technologies by 95.8% during the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company's stock worth $65,000 after buying an additional 1,378 shares during the period. State Board of Administration of Florida Retirement System purchased a new position in SolarEdge Technologies in the first quarter valued at about $236,000. Finally, First Pacific Financial lifted its position in shares of SolarEdge Technologies by 53.0% during the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company's stock valued at $132,000 after acquiring an additional 1,805 shares during the period. 95.10% of the stock is owned by institutional investors and hedge funds.

SolarEdge Technologies Price Performance

The firm has a market cap of $775.27 million, a PE ratio of -0.46 and a beta of 1.59. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The company has a 50 day moving average price of $19.34 and a 200 day moving average price of $31.18.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts' consensus estimates of ($1.60) by ($0.19). The firm had revenue of $265.41 million for the quarter, compared to analysts' expectations of $264.31 million. SolarEdge Technologies had a negative return on equity of 56.32% and a negative net margin of 158.19%. The firm'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 earnings per share. On average, sell-side analysts expect that SolarEdge Technologies, Inc. will post -8.85 EPS for the current year.

SolarEdge Technologies Company Profile

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.