SolarEdge Technologies (NASDAQ:SEDG) Shares Down 4.2% Following Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares dropped 4.2% during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $44.00 to $38.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. SolarEdge Technologies traded as low as $30.11 and last traded at $30.0550. Approximately 776,347 shares were traded during mid-day trading, a decline of 77% from the average session volume of 3,382,568 shares. The stock had previously closed at $31.36.

Other equities analysts also recently issued research reports about the stock. Susquehanna decreased their price objective on shares of SolarEdge Technologies from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Wednesday, October 14th. TD Cowen reduced their price target on shares of SolarEdge Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. UBS Group raised shares of SolarEdge Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $36.00 to $42.00 in a report on Wednesday, August 26th. Royal Bank Of Canada boosted their price objective on shares of SolarEdge Technologies from $24.00 to $30.00 and gave the company a “sector perform” rating in a research report on Friday, September 11th. Finally, Barclays dropped their price objective on shares of SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 7th. Two research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $38.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SEDG. Allworth Financial LP acquired a new position in SolarEdge Technologies during the 2nd quarter valued at about $31,000. Nykredit A S bought a new stake in shares of SolarEdge Technologies during the 2nd quarter worth about $36,000. State of Wyoming lifted its stake in shares of SolarEdge Technologies by 32.9% in the 1st quarter. State of Wyoming now owns 1,237 shares of the semiconductor company’s stock worth $63,000 after acquiring an additional 306 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of SolarEdge Technologies in the 2nd quarter worth approximately $72,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of SolarEdge Technologies by 18.7% in the third quarter. Farther Finance Advisors LLC now owns 3,045 shares of the semiconductor company’s stock valued at $97,000 after acquiring an additional 479 shares in the last quarter. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Stock Up 4.2%

The company has a debt-to-equity ratio of 0.85, a current ratio of 2.03 and a quick ratio of 1.38. The firm has a market capitalization of $1.99 billion, a P/E ratio of -7.19 and a beta of 1.44. The firm’s fifty day moving average price is $32.90 and its 200-day moving average price is $44.54.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.07. The firm had revenue of $346.20 million for the quarter, compared to analysts’ expectations of $341.15 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.81) earnings per share. As a group, equities research analysts forecast that SolarEdge Technologies, Inc. will post -1.20 earnings per share for the current year.

About SolarEdge Technologies

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.