Barclays Issues Pessimistic Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its target price decreased by stock analysts at Barclays from $17.00 to $7.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “underperform” rating on the semiconductor company’s stock. Barclays‘s price objective indicates a potential downside of 36.36% from the stock’s current price.

Several other research firms have also recently issued reports on SEDG. TD Cowen lowered their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. Morgan Stanley reiterated an “underweight” rating and set a $9.00 price target (down from $23.00) on shares of SolarEdge Technologies in a research report on Friday. Glj Research lowered SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. The Goldman Sachs Group dropped their target price on shares of SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a report on Thursday, November 7th. Finally, Guggenheim downgraded shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price target on the stock. in a research note on Thursday, October 17th. Ten investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Stock Performance

NASDAQ:SEDG traded down $1.83 during trading hours on Friday, reaching $11.00. The company had a trading volume of 3,802,807 shares, compared to its average volume of 3,550,286. SolarEdge Technologies has a 1-year low of $11.00 and a 1-year high of $103.15. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The firm has a market cap of $637.45 million, a PE ratio of -0.38 and a beta of 1.59. The business’s 50 day moving average price is $18.37 and its 200-day moving average price is $29.65.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The business had revenue of $260.90 million during 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%. The firm’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 posted ($1.03) earnings per share. Research analysts forecast that SolarEdge Technologies will post -17.69 EPS for the current year.

Insider Activity at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction on Monday, November 11th. The shares were bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

A number of large investors have recently made changes to their positions in SEDG. Yelin Lapidot Holdings Management Ltd. raised its holdings in shares of SolarEdge Technologies by 5.1% in the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after purchasing an additional 564 shares in the last quarter. Swiss National Bank boosted its holdings in SolarEdge Technologies by 0.5% in the first quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock valued at $7,957,000 after purchasing an additional 600 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in SolarEdge Technologies by 2.5% in the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock valued at $727,000 after purchasing an additional 700 shares during the last quarter. Bank Hapoalim BM increased its stake in SolarEdge Technologies by 2.5% in the third quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after purchasing an additional 812 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in SolarEdge Technologies by 1.6% during the first quarter. California State Teachers Retirement System now owns 51,728 shares of the semiconductor company’s stock worth $3,672,000 after purchasing an additional 827 shares in the last quarter. 95.10% of the stock is currently owned by hedge funds and other 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.