Citigroup Reaffirms Sell Rating for SolarEdge Technologies (NASDAQ:SEDG)

Citigroup restated their sell rating on shares of SolarEdge Technologies (NASDAQ:SEDG) in a research report report published on Wednesday morning, MarketBeat.com reports. Citigroup currently has a $9.00 price objective on the semiconductor company’s stock, down from their prior price objective of $12.00.

A number of other research analysts have also recently commented on the company. Canaccord Genuity Group boosted their price objective on SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Tuesday. UBS Group lowered their price objective on shares of SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. TD Cowen cut their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. Guggenheim upgraded SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research note on Wednesday, November 20th. Finally, Roth Mkm cut their target price on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Eight equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $21.16.

SolarEdge Technologies Stock Performance

Shares of NASDAQ:SEDG opened at $14.99 on Wednesday. The business has a 50-day moving average of $14.09 and a two-hundred day moving average of $19.92. The firm has a market capitalization of $868.67 million, a PE ratio of -0.52 and a beta of 1.56. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG) last posted its 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 business had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same period last year, the company posted ($1.03) EPS. As a group, research analysts forecast that SolarEdge Technologies will post -19.18 earnings per share for the current year.

Insiders Place Their Bets

In related news, Chairman More Avery acquired 156,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was bought at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the transaction, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.67% of the stock is owned by company insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new position in SolarEdge Technologies in the 2nd quarter worth about $36,627,000. Two Sigma Advisers LP boosted its holdings in shares of SolarEdge Technologies by 0.3% in the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after buying an additional 3,400 shares during the period. M&G PLC boosted its holdings in shares of SolarEdge Technologies by 4.2% in the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock worth $21,452,000 after buying an additional 38,001 shares during the period. Geode Capital Management LLC increased its position in shares of SolarEdge Technologies by 3.7% in the third quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after acquiring an additional 25,474 shares in the last quarter. Finally, Meitav Investment House Ltd. raised its holdings in shares of SolarEdge Technologies by 9.6% during the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after acquiring an additional 51,065 shares during the period. 95.10% of the stock is owned by hedge funds and other 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.