SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shares were down 2.6% during mid-day trading on Thursday . The stock traded as low as $14.31 and last traded at $14.44. Approximately 533,902 shares changed hands during trading, a decline of 86% from the average daily volume of 3,720,005 shares. The stock had previously closed at $14.83.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on the stock. Susquehanna cut their target price on shares of SolarEdge Technologies from $20.00 to $11.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Piper Sandler downgraded shares of 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 report on Thursday, November 7th. Truist Financial lowered their price target on shares of SolarEdge Technologies from $20.00 to $15.00 and set a "hold" rating for the company in a report on Friday, November 8th. William Blair assumed coverage on SolarEdge Technologies in a research note on Thursday, August 29th. They set a "market perform" rating on the stock. Finally, Jefferies Financial Group downgraded SolarEdge Technologies from a "hold" rating to an "underperform" rating and decreased their price objective for the company from $27.00 to $17.00 in a research report on Tuesday, September 17th. Seven research analysts have rated the stock with a sell rating, nineteen have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $22.40.
Get Our Latest Stock Report on SEDG
SolarEdge Technologies Stock Performance
The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The firm has a 50 day moving average price of $14.41 and a 200-day moving average price of $21.63. The stock has a market capitalization of $844.91 million, a PE ratio of -0.50 and a beta of 1.56.
SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts' consensus estimates of ($1.55) by ($13.78). The firm had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. SolarEdge Technologies's revenue was down 64.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.03) EPS. Research analysts expect that SolarEdge Technologies, Inc. will post -19.18 EPS for the current fiscal year.
Insider Transactions at SolarEdge Technologies
In related news, Chairman More Avery purchased 156,000 shares of the company's stock in a transaction dated Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares of the company's stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.67% of the company's stock.
Institutional Trading of SolarEdge Technologies
Several large investors have recently added to or reduced their stakes in SEDG. Quarry LP acquired a new position in shares of SolarEdge Technologies during the 2nd quarter valued at about $36,627,000. Marshall Wace LLP grew its stake in shares of SolarEdge Technologies by 425.1% in the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company's stock valued at $14,044,000 after buying an additional 450,081 shares during the period. Soros Fund Management LLC acquired a new stake in shares of SolarEdge Technologies during the 3rd quarter worth approximately $5,293,000. Connor Clark & Lunn Investment Management Ltd. grew its position in SolarEdge Technologies by 683.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company's stock worth $5,786,000 after acquiring an additional 220,304 shares during the period. Finally, Handelsbanken Fonder AB raised its position in SolarEdge Technologies by 1,634.6% in the third quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company's stock valued at $4,911,000 after purchasing an additional 202,010 shares during the period. 95.10% of the stock is currently owned by hedge funds and other institutional investors.
About SolarEdge Technologies
(
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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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