SolarEdge Technologies (NASDAQ:SEDG) Reaches New 1-Year Low – Here’s What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $12.11 and last traded at $12.12, with a volume of 326001 shares traded. The stock had previously closed at $12.24.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Susquehanna decreased their price target on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Guggenheim downgraded shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a research note on Thursday, October 17th. Roth Mkm reduced their price objective on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Scotiabank reduced their price target on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Finally, Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their target price for the company from $17.00 to $9.00 in a research report on Thursday, November 7th. Nine equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and a consensus target price of $23.79.

SolarEdge Technologies Trading Down 6.0 %

The firm’s 50-day simple moving average is $18.71 and its two-hundred day simple moving average is $29.90. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last issued its 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 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 analysts’ expectations of $272.80 million. During the same period in the prior year, the business posted ($1.03) EPS. The business’s revenue was down 64.0% on a year-over-year basis. Equities analysts anticipate that SolarEdge Technologies, Inc. will post -17.51 EPS for the current year.

Institutional Trading of SolarEdge Technologies

Several hedge funds have recently bought and sold shares of SEDG. Swedbank AB acquired a new stake in SolarEdge Technologies in the 1st quarter valued at about $261,312,000. Quarry LP acquired a new stake in SolarEdge Technologies in the 2nd quarter valued at about $36,627,000. Marshall Wace LLP lifted its holdings 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 purchasing an additional 450,081 shares in the last quarter. Quadrature Capital Ltd lifted its holdings in shares of SolarEdge Technologies by 1,206.8% in the first quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock valued at $17,080,000 after purchasing an additional 222,218 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of SolarEdge Technologies by 683.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after acquiring an additional 220,304 shares during the last quarter. 95.10% of the stock is currently owned by institutional investors.

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.