SolarEdge Technologies (NASDAQ:SEDG) Trading Down 4.8% on Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price traded down 4.8% on Thursday after Barclays lowered their price target on the stock from $26.00 to $17.00. Barclays currently has an underweight rating on the stock. SolarEdge Technologies traded as low as $18.05 and last traded at $18.08. 1,034,474 shares were traded during trading, a decline of 68% from the average session volume of 3,250,517 shares. The stock had previously closed at $19.00.

A number of other equities research analysts have also issued reports on SEDG. William Blair began coverage on shares of SolarEdge Technologies in a report on Thursday, August 29th. They set a “market perform” rating on the stock. Royal Bank of Canada decreased their target price on SolarEdge Technologies from $37.00 to $35.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, August 9th. The Goldman Sachs Group decreased their price objective on SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating for the company in a research note on Friday, August 9th. Finally, Canaccord Genuity Group cut their target price on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Six research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $46.81.

Institutional Investors Weigh In On SolarEdge Technologies

Several large investors have recently modified their holdings of the stock. Handelsbanken Fonder AB increased its stake in SolarEdge Technologies by 1,634.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock valued at $4,911,000 after buying an additional 202,010 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of SolarEdge Technologies by 24.3% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 181,500 shares of the semiconductor company’s stock worth $4,585,000 after acquiring an additional 35,495 shares during the period. Quarry LP purchased a new position in SolarEdge Technologies during the second quarter worth about $36,627,000. The Manufacturers Life Insurance Company raised its holdings in SolarEdge Technologies by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock worth $534,000 after purchasing an additional 1,175 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C purchased a new stake in SolarEdge Technologies in the 2nd quarter valued at approximately $678,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Price Performance

The company has a market cap of $1.12 billion, a price-to-earnings ratio of -2.16 and a beta of 1.56. The company has a 50-day simple moving average of $22.24 and a 200-day simple moving average of $37.64. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The business had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company’s revenue was down 73.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.06 EPS. As a group, research analysts predict that SolarEdge Technologies, Inc. will post -8.56 earnings per share for the current year.

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.