SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price gapped down before the market opened on Wednesday after Wells Fargo & Company lowered their price target on the stock from $19.00 to $15.00. The stock had previously closed at $17.59, but opened at $16.48. Wells Fargo & Company currently has an equal weight rating on the stock. SolarEdge Technologies shares last traded at $16.37, with a volume of 1,204,286 shares.

SEDG has been the subject of several other research reports. StockNews.com upgraded SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Canaccord Genuity Group raised their price objective on shares of SolarEdge Technologies from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Tuesday. BMO Capital Markets reduced their target price on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a research report on Thursday, November 7th. Jefferies Financial Group downgraded SolarEdge Technologies from a “hold” rating to an “underperform” rating and reduced their price objective for the stock from $27.00 to $17.00 in a report on Tuesday, September 17th. Finally, UBS Group lowered their target price on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, SolarEdge Technologies currently has an average rating of “Hold” and an average target price of $21.16.

Insider Buying and Selling at SolarEdge Technologies

In related news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction on Monday, November 11th. The stock was purchased at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. KBC Group NV raised its stake in SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after purchasing an additional 1,378 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of SolarEdge Technologies by 655.2% during the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after acquiring an additional 4,567 shares during the period. US Bancorp DE boosted its position in shares of SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after acquiring an additional 4,834 shares in the last quarter. GFG Capital LLC bought a new position in SolarEdge Technologies in the third quarter valued at approximately $229,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in SolarEdge Technologies during the third quarter valued at approximately $278,000. 95.10% of the stock is owned by institutional investors and hedge funds.

SolarEdge Technologies Stock Down 10.3 %

The firm has a 50 day simple moving average of $14.13 and a two-hundred day simple moving average of $19.95. The stock has a market capitalization of $913.87 million, a P/E ratio of -0.54 and a beta of 1.56. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) 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). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. During the same period last year, the business earned ($1.03) earnings per share. The business’s quarterly revenue was down 64.0% compared to the same quarter last year. On average, equities research analysts expect that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current year.

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.