SolarEdge Technologies (NASDAQ:SEDG) Now Covered by Jefferies Financial Group

Jefferies Financial Group began coverage on shares of SolarEdge Technologies (NASDAQ:SEDG) in a research note released on Wednesday morning, Marketbeat.com reports. The firm issued a hold rating and a $27.00 price objective on the semiconductor company’s stock.

SEDG has been the topic of several other reports. Wells Fargo & Company reduced their target price on SolarEdge Technologies from $62.00 to $29.00 and set an equal weight rating on the stock in a research report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft lowered their target price on shares of SolarEdge Technologies from $40.00 to $25.00 and set a hold rating for the company in a research note on Friday, August 9th. Piper Sandler cut their price target on shares of SolarEdge Technologies from $29.00 to $25.00 and set a neutral rating on the stock in a research note on Thursday, August 8th. Mizuho lowered their price objective on shares of SolarEdge Technologies from $104.00 to $84.00 and set a buy rating for the company in a research note on Friday, May 10th. Finally, Northland Securities lowered shares of SolarEdge Technologies from an outperform rating to a market perform rating in a report on Thursday, May 9th. Four research analysts have rated the stock with a sell rating, twenty-six have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $51.62.

SolarEdge Technologies Price Performance

Shares of SEDG stock opened at $19.49 on Wednesday. The stock’s 50-day moving average is $25.51 and its 200 day moving average is $45.74. SolarEdge Technologies has a 1-year low of $19.43 and a 1-year high of $153.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. The company has a market cap of $1.12 billion, a P/E ratio of -4.19 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (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 firm had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. During the same period in the previous year, the firm earned $2.06 EPS. The firm’s quarterly revenue was down 73.2% on a year-over-year basis. Research analysts predict that SolarEdge Technologies will post -8.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors have recently bought and sold shares of the company. Swedbank AB acquired a new stake in shares of SolarEdge Technologies in the first quarter worth approximately $261,312,000. Quarry LP acquired a new stake in SolarEdge Technologies during the 2nd quarter worth $36,627,000. Invenomic Capital Management LP purchased a new stake in shares of SolarEdge Technologies during the fourth quarter worth $42,644,000. Marshall Wace LLP raised its position in shares of SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after buying an additional 450,081 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of SolarEdge Technologies in the fourth quarter worth about $39,547,000. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.