SolarEdge Technologies (NASDAQ:SEDG) Receives “Underweight” Rating from Morgan Stanley

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “underweight” rating reaffirmed by equities researchers at Morgan Stanley in a research report issued to clients and investors on Friday, MarketBeat.com reports. They presently have a $9.00 price objective on the semiconductor company’s stock, down from their previous price objective of $23.00. Morgan Stanley’s target price would indicate a potential downside of 29.85% from the company’s current price.

Several other equities research analysts also recently commented on the company. JPMorgan Chase & Co. dropped their target price on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Guggenheim lowered shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a report on Thursday, October 17th. Roth Mkm cut their price objective on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Glj Research cut shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, October 8th. Finally, Piper Sandler lowered SolarEdge Technologies from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $17.00 to $9.00 in a research report on Thursday, November 7th. Ten analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $23.21.

SolarEdge Technologies Stock Up 6.0 %

Shares of SEDG opened at $12.83 on Friday. The firm has a market cap of $743.50 million, a PE ratio of -0.44 and a beta of 1.59. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The company’s fifty day moving average is $18.37 and its two-hundred day moving average is $29.65. SolarEdge Technologies has a fifty-two week low of $11.02 and a fifty-two week high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The firm had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. SolarEdge Technologies’s revenue was down 64.0% on a year-over-year basis. During the same period last year, the firm posted ($1.03) EPS. Analysts forecast that SolarEdge Technologies will post -17.69 earnings per share for the current year.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.67% of the stock is owned by company insiders.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of SEDG. International Assets Investment Management LLC bought a new position in SolarEdge Technologies in the 2nd quarter valued at about $28,000. EntryPoint Capital LLC acquired a new stake in shares of SolarEdge Technologies in the 1st quarter worth approximately $64,000. KBC Group NV boosted its holdings in shares of SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after acquiring an additional 1,378 shares in the last quarter. First Pacific Financial increased its stake in shares of SolarEdge Technologies by 53.0% during the second quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after acquiring an additional 1,805 shares during the period. Finally, US Bancorp DE raised its holdings in SolarEdge Technologies by 243.6% during the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after purchasing an additional 4,834 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

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.