SolarEdge Technologies (NASDAQ:SEDG) Shares Down 6% – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price fell 6% during trading on Tuesday . The stock traded as low as $14.88 and last traded at $14.93. 2,002,103 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 3,634,963 shares. The stock had previously closed at $15.89.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SEDG. Citigroup decreased their price objective on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. TD Cowen cut their target price on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. BMO Capital Markets reduced their price objective on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a research note on Thursday, November 7th. Finally, Glj Research restated a “sell” rating and set a $3.90 target price on shares of SolarEdge Technologies in a research report on Friday. Nine equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $22.04.

SolarEdge Technologies Stock Down 7.7 %

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 company’s 50-day moving average price is $16.63 and its 200 day moving average price is $25.64.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. During the same quarter in the previous year, the company earned ($1.03) EPS. The business’s quarterly revenue was down 64.0% compared to the same quarter last year. Sell-side analysts forecast that SolarEdge Technologies, Inc. will post -19.03 EPS for the current fiscal year.

Insider Buying and Selling

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were purchased at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the transaction, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.67% of the stock is owned by insiders.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently modified their holdings of SEDG. California State Teachers Retirement System boosted its stake 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 buying an additional 827 shares during the period. Teachers Retirement System of The State of Kentucky grew its holdings in SolarEdge Technologies by 19.5% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 19,050 shares of the semiconductor company’s stock valued at $1,353,000 after purchasing an additional 3,107 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in SolarEdge Technologies by 3,750.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 46,200 shares of the semiconductor company’s stock worth $3,243,000 after purchasing an additional 45,000 shares during the period. Cabot Wealth Management Inc. lifted its stake in SolarEdge Technologies by 7.8% in the second quarter. Cabot Wealth Management Inc. now owns 29,452 shares of the semiconductor company’s stock worth $744,000 after purchasing an additional 2,127 shares during the last quarter. Finally, Dnca Finance purchased a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $859,000. 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.