SolarEdge Technologies (NASDAQ:SEDG) Shares Down 3.9% Following Analyst Downgrade

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) traded down 3.9% during trading on Tuesday after Royal Bank of Canada lowered their price target on the stock from $71.00 to $37.00. Royal Bank of Canada currently has a sector perform rating on the stock. SolarEdge Technologies traded as low as $25.96 and last traded at $26.29. 326,667 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 2,848,750 shares. The stock had previously closed at $27.37.

Several other brokerages have also recently commented on SEDG. Northland Securities cut shares of SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 9th. BMO Capital Markets reduced their target price on shares of SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating on the stock in a report on Thursday, May 9th. Janney Montgomery Scott downgraded shares of SolarEdge Technologies from a “buy” rating to a “neutral” rating in a report on Friday, March 22nd. The Goldman Sachs Group reduced their target price on shares of SolarEdge Technologies from $49.00 to $25.00 and set a “sell” rating on the stock in a report on Thursday, June 27th. Finally, Roth Mkm cut their target price on SolarEdge Technologies from $76.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. Three analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $73.19.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Manchester Capital Management LLC increased its position in SolarEdge Technologies by 1,345.0% during the fourth quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock worth $27,000 after buying an additional 269 shares during the period. GAMMA Investing LLC acquired a new position in SolarEdge Technologies during the fourth quarter worth approximately $30,000. Versant Capital Management Inc increased its position in SolarEdge Technologies by 1,066.7% during the first quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after buying an additional 640 shares during the period. EntryPoint Capital LLC acquired a new position in SolarEdge Technologies during the first quarter worth approximately $64,000. Finally, Compagnie Lombard Odier SCmA increased its position in SolarEdge Technologies by 250.0% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 700 shares of the semiconductor company’s stock worth $66,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

The company has a market cap of $1.70 billion, a price-to-earnings ratio of -6.37 and a beta of 1.52. The firm has a 50-day simple moving average of $42.54 and a 200 day simple moving average of $61.35. The company has a quick ratio of 2.19, a current ratio of 4.54 and a debt-to-equity ratio of 0.30.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) EPS for the quarter, missing the consensus estimate of ($2.07) by ($0.35). SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. The firm had revenue of $204.40 million for the quarter, compared to analyst estimates of $194.82 million. On average, sell-side analysts predict that SolarEdge Technologies, Inc. will post -6.52 earnings per share for the current fiscal 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.