SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down – What’s Next?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped down before the market opened on Monday . The stock had previously closed at $17.31, but opened at $16.81. SolarEdge Technologies shares last traded at $16.99, with a volume of 456,822 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SEDG. Truist Financial reissued a “hold” rating and set a $20.00 price objective on shares of SolarEdge Technologies in a report on Tuesday, August 27th. Glj Research lowered SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. Wells Fargo & Company reduced their price objective on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 2nd. DZ Bank lowered SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price objective for the company. in a report on Wednesday, July 17th. Finally, Susquehanna reduced their price objective on SolarEdge Technologies from $24.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday, October 16th. Seven analysts have rated the stock with a sell rating, twenty-two have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $34.56.

SolarEdge Technologies Stock Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. The business has a 50-day moving average price of $21.73 and a 200 day moving average price of $35.65. The stock has a market capitalization of $950.59 million, a P/E ratio of -3.72 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly 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). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same period in the prior year, the firm earned $2.06 earnings per share. The business’s revenue for the quarter was down 73.2% compared to the same quarter last year. As a group, sell-side analysts forecast that SolarEdge Technologies, Inc. will post -8.53 EPS for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Hedge funds have recently made changes to their positions in the stock. Everence Capital Management Inc. raised its holdings in SolarEdge Technologies by 58.9% in the 3rd quarter. Everence Capital Management Inc. now owns 14,890 shares of the semiconductor company’s stock worth $341,000 after acquiring an additional 5,520 shares during the last quarter. Vontobel Holding Ltd. raised its holdings in SolarEdge Technologies by 16.4% in the 3rd quarter. Vontobel Holding Ltd. now owns 98,616 shares of the semiconductor company’s stock worth $2,259,000 after acquiring an additional 13,860 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in SolarEdge Technologies by 1,634.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after acquiring an additional 202,010 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in SolarEdge Technologies by 24.3% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 181,500 shares of the semiconductor company’s stock worth $4,585,000 after acquiring an additional 35,495 shares during the last quarter. Finally, Quarry LP purchased a new position in SolarEdge Technologies in the 2nd quarter worth approximately $36,627,000. 95.10% of the stock is owned by institutional investors.

About SolarEdge Technologies

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.