Citigroup Reaffirms Sell Rating for SolarEdge Technologies (NASDAQ:SEDG)

Citigroup restated their sell rating on shares of SolarEdge Technologies (NASDAQ:SEDG - Free Report) in a research note released on Wednesday, MarketBeat.com reports. The brokerage currently has a $9.00 target price on the semiconductor company's stock, down from their prior target price of $12.00.

A number of other brokerages have also recently commented on SEDG. The Goldman Sachs Group increased their price objective on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Tuesday. Canaccord Genuity Group lifted their price objective on SolarEdge Technologies from $16.00 to $18.00 and gave the stock a "hold" rating in a research report on Tuesday. Glj Research upgraded SolarEdge Technologies from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, December 17th. Royal Bank of Canada dropped their price target on SolarEdge Technologies from $35.00 to $25.00 and set a "sector perform" rating for the company in a research report on Tuesday, October 15th. Finally, TD Cowen reduced their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a "hold" rating on the stock in a research report on Thursday, November 7th. Eight investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $21.16.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock traded down $2.60 during midday trading on Wednesday, reaching $14.99. The company's stock had a trading volume of 6,504,721 shares, compared to its average volume of 6,161,288. The stock's 50 day simple moving average is $14.09 and its 200 day simple moving average is $19.92. 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 has a market capitalization of $868.67 million, a PE ratio of -0.52 and a beta of 1.56. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million during the quarter, compared to analysts' expectations of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business's revenue for the quarter was down 64.0% on a year-over-year basis. During the same period in the previous year, the business earned ($1.03) earnings per share. On average, equities research analysts forecast that SolarEdge Technologies will post -19.18 earnings per share for the current year.

Insider Activity at SolarEdge Technologies

In related news, Chairman More Avery bought 156,000 shares of the company's stock in a transaction that occurred on Monday, November 11th. The shares were acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This represents a 176.32 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.67% of the company's stock.

Institutional Trading of SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in SEDG. AMG National Trust Bank acquired a new stake in SolarEdge Technologies during the 3rd quarter valued at $4,055,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of SolarEdge Technologies by 683.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company's stock valued at $5,786,000 after acquiring an additional 220,304 shares in the last quarter. Mizuho Markets Americas LLC increased its position in shares of SolarEdge Technologies by 653.4% during the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company's stock worth $4,315,000 after acquiring an additional 163,340 shares during the last quarter. Meitav Investment House Ltd. lifted its stake in shares of SolarEdge Technologies by 9.6% in the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company's stock worth $13,340,000 after acquiring an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in SolarEdge Technologies in the third quarter valued at about $1,495,000. Hedge funds and other institutional investors own 95.10% of the company's stock.

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.