SolarEdge Technologies (NASDAQ:SEDG) Stock Price Down 4.9% After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price fell 4.9% during trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $73.00 to $59.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. SolarEdge Technologies traded as low as $32.54 and last traded at $32.64. 3,963,573 shares were traded during mid-day trading, an increase of 64% from the average session volume of 2,416,116 shares. The stock had previously closed at $34.31.

Several other research analysts have also weighed in on the stock. Susquehanna lowered shares of SolarEdge Technologies from a “positive” rating to a “neutral” rating and lowered their price target for the company from $92.00 to $56.00 in a research report on Monday, May 13th. The Goldman Sachs Group decreased their target price on shares of SolarEdge Technologies from $64.00 to $49.00 and set a “sell” rating on the stock in a research report on Thursday, May 9th. Canaccord Genuity Group decreased their target price on shares of SolarEdge Technologies from $75.00 to $58.00 and set a “hold” rating on the stock in a research report on Thursday, May 9th. BMO Capital Markets cut their price target on shares of SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating on the stock in a research note on Thursday, May 9th. Finally, Scotiabank cut their price target on shares of SolarEdge Technologies from $93.00 to $90.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 21st. Four analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $85.19.

Institutional Trading of SolarEdge Technologies

Several hedge funds have recently bought and sold shares of the company. Swedbank AB bought a new stake in shares of SolarEdge Technologies during the 1st quarter worth about $261,312,000. Vanguard Group Inc. raised its position in shares of SolarEdge Technologies by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,529,274 shares of the semiconductor company’s stock worth $327,566,000 after buying an additional 92,230 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of SolarEdge Technologies by 2.3% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,007,934 shares of the semiconductor company’s stock worth $71,543,000 after buying an additional 23,033 shares in the last quarter. Impax Asset Management Group plc raised its position in shares of SolarEdge Technologies by 1.6% during the 4th quarter. Impax Asset Management Group plc now owns 954,264 shares of the semiconductor company’s stock worth $88,890,000 after buying an additional 14,878 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of SolarEdge Technologies by 37.3% during the 3rd quarter. Clearbridge Investments LLC now owns 561,160 shares of the semiconductor company’s stock worth $72,676,000 after buying an additional 152,420 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

SolarEdge Technologies Price Performance

The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30. The business’s fifty day moving average is $51.40 and its 200 day moving average is $67.49. The firm has a market capitalization of $1.87 billion, a P/E ratio of -7.21 and a beta of 1.62.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, May 8th. The semiconductor company reported ($2.42) EPS for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). The company had revenue of $204.40 million for the quarter, compared to analysts’ expectations of $194.82 million. SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. As a group, analysts forecast that SolarEdge Technologies, Inc. will post -6.08 EPS 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.