SolarEdge Technologies (NASDAQ:SEDG) Downgraded by Bank of America to “Underperform”

Bank of America lowered shares of SolarEdge Technologies (NASDAQ:SEDG) from a neutral rating to an underperform rating in a report released on Thursday, Marketbeat Ratings reports. The brokerage currently has $14.00 price target on the semiconductor company’s stock, down from their previous price target of $21.00.

Other equities research analysts also recently issued research reports about the company. Guggenheim downgraded SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price objective for the company. in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft cut their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 9th. Glj Research downgraded SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. DZ Bank downgraded SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price target for the company. in a report on Wednesday, July 17th. Finally, Mizuho cut their price target on SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, September 19th. Nine equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, SolarEdge Technologies has a consensus rating of “Hold” and a consensus target price of $24.04.

SolarEdge Technologies Stock Down 9.2 %

Shares of NASDAQ SEDG traded down $1.37 during trading hours on Thursday, hitting $13.51. The company had a trading volume of 3,211,001 shares, compared to its average volume of 3,451,645. The stock has a market capitalization of $774.12 million, a P/E ratio of -0.47 and a beta of 1.59. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. SolarEdge Technologies has a 1-year low of $12.38 and a 1-year high of $103.15. The firm’s 50 day moving average is $19.34 and its 200-day moving average is $31.18.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The company had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 56.32%. The company’s quarterly revenue was down 73.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.06 EPS. On average, analysts expect that SolarEdge Technologies will post -8.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently bought and sold shares of the stock. Trillium Asset Management LLC grew its holdings in SolarEdge Technologies by 1.6% during the first quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock valued at $1,960,000 after purchasing an additional 427 shares during the period. Yelin Lapidot Holdings Management Ltd. boosted its position in SolarEdge Technologies by 5.1% during the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after acquiring an additional 564 shares in the last quarter. Texas Permanent School Fund Corp boosted its position in shares of SolarEdge Technologies by 1.2% in the 1st quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock worth $3,525,000 after purchasing an additional 585 shares in the last quarter. Swiss National Bank boosted its position in shares of SolarEdge Technologies by 0.5% in the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after purchasing an additional 600 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of SolarEdge Technologies by 2.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock valued at $727,000 after buying an additional 700 shares during the last quarter. 95.10% of the stock is owned by hedge funds and other 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.