SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $7.00 at Barclays

SolarEdge Technologies (NASDAQ:SEDG) had its price target cut by equities researchers at Barclays from $17.00 to $7.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “underperform” rating on the semiconductor company’s stock. Barclays‘s target price would suggest a potential downside of 34.21% from the company’s previous close.

SEDG has been the subject of several other reports. UBS Group reduced their price objective on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Jefferies Financial Group cut shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and decreased their price objective for the company from $27.00 to $17.00 in a research note on Tuesday, September 17th. William Blair initiated coverage on shares of SolarEdge Technologies in a report on Thursday, August 29th. They issued a “market perform” rating on the stock. Scotiabank reduced their target price on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Finally, Truist Financial lowered their price target on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a report on Friday, November 8th. Ten analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $22.79.

SolarEdge Technologies Trading Down 17.1 %

NASDAQ:SEDG opened at $10.64 on Friday. 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 twelve month low of $10.55 and a twelve month high of $103.15. The company’s 50 day moving average is $18.19 and its two-hundred day moving average is $29.11.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The company 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 quarterly revenue was down 64.0% compared to the same quarter last year. During the same period last year, the firm earned ($1.03) earnings per share. On average, sell-side analysts expect that SolarEdge Technologies will post -17.69 EPS for the current fiscal year.

Insider Activity

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This represents 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 link. Company insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Hedge funds have recently bought and sold shares of the business. EntryPoint Capital LLC acquired a new position in shares of SolarEdge Technologies during the 1st quarter worth approximately $64,000. International Assets Investment Management LLC acquired a new position in SolarEdge Technologies during the second quarter worth $28,000. KBC Group NV grew its holdings in SolarEdge Technologies by 95.8% in the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 1,378 shares in the last quarter. State Board of Administration of Florida Retirement System acquired a new stake in shares of SolarEdge Technologies in the 1st quarter worth $236,000. Finally, First Pacific Financial raised its holdings in shares of SolarEdge Technologies by 53.0% during the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 1,805 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

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.