SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report)'s stock price traded down 7.6% on Friday after Barclays lowered their price target on the stock from $17.00 to $7.00. Barclays currently has an underperform rating on the stock. SolarEdge Technologies traded as low as $11.78 and last traded at $11.85. 2,109,526 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 3,542,659 shares. The stock had previously closed at $12.83.
Several other research firms have also commented on SEDG. StockNews.com raised shares of SolarEdge Technologies to a "sell" rating in a research report on Friday, November 8th. Scotiabank lowered their target price on shares of SolarEdge Technologies from $46.00 to $41.00 and set a "sector perform" rating for the company in a research note on Thursday, August 8th. 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. TD Cowen decreased their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a "hold" rating for the company in a report on Thursday, November 7th. Finally, Bank of America downgraded SolarEdge Technologies from a "neutral" rating to an "underperform" rating and dropped their target price for the stock from $21.00 to $14.00 in a research note on Thursday, November 7th. Ten 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. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $22.79.
Check Out Our Latest Stock Analysis on SolarEdge Technologies
Insiders Place Their Bets
In related news, Chairman More Avery acquired 156,000 shares of the firm's stock in a transaction on Monday, November 11th. The shares were acquired at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the acquisition, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.67% of the stock is currently owned by company insiders.
Institutional Trading of SolarEdge Technologies
A number of institutional investors and hedge funds have recently modified their holdings of SEDG. International Assets Investment Management LLC acquired a new stake in SolarEdge Technologies in the 2nd quarter worth about $28,000. EntryPoint Capital LLC acquired a new stake in shares of SolarEdge Technologies in the first quarter worth approximately $64,000. KBC Group NV increased its position in shares of 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 purchasing an additional 1,378 shares in the last quarter. First Pacific Financial raised its stake in SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company's stock valued at $132,000 after purchasing an additional 1,805 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in SolarEdge Technologies by 243.6% in the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company's stock valued at $156,000 after purchasing an additional 4,834 shares in the last quarter. Hedge funds and other institutional investors own 95.10% of the company's stock.
SolarEdge Technologies Stock Performance
The company has a market cap of $616.59 million, a price-to-earnings ratio of -0.37 and a beta of 1.59. The firm's 50 day simple moving average is $18.19 and its 200-day simple moving average is $29.11. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34.
SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing analysts' consensus estimates of ($1.55) by ($13.78). The business had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business's revenue was down 64.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.03) earnings per share. On average, sell-side analysts predict that SolarEdge Technologies, Inc. will post -17.69 EPS for the current year.
SolarEdge Technologies Company Profile
(
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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