SolarEdge Technologies, Inc. (NASDAQ:SEDG) Given Consensus Rating of “Reduce” by Brokerages

SolarEdge Technologies, Inc. (NASDAQ:SEDG) has earned an average recommendation of “Reduce” from the twenty-nine research firms that are presently covering the firm, Marketbeat Ratings reports. Eight analysts have rated the stock with a sell recommendation, nineteen have given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $22.79.

Several research analysts recently weighed in on SEDG shares. Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. TD Cowen reduced their price target on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. Susquehanna lowered their price objective on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Bank of America downgraded shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $21.00 to $14.00 in a research report on Thursday, November 7th. Finally, Roth Mkm lowered their price target 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.

SolarEdge Technologies Stock Performance

Shares of SEDG opened at $13.77 on Tuesday. The company has a 50-day moving average of $17.26 and a two-hundred day moving average of $26.93. The stock has a market cap of $797.97 million, a price-to-earnings ratio of -0.47 and a beta of 1.59. 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 one year low of $10.24 and a one year high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. During the same period in the prior year, the business posted ($1.03) EPS. The company’s revenue for the quarter was down 64.0% on a year-over-year basis. On average, equities research analysts expect that SolarEdge Technologies will post -19.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, Chairman More Avery purchased 156,000 shares of SolarEdge Technologies stock in a transaction on Monday, November 11th. The shares were purchased 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 in the company, 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 the SEC website. Corporate insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors have recently bought and sold shares of the business. Tidal Investments LLC increased its position in SolarEdge Technologies by 19.7% in the 3rd quarter. Tidal Investments LLC now owns 63,862 shares of the semiconductor company’s stock valued at $1,463,000 after acquiring an additional 10,515 shares in the last quarter. Geode Capital Management LLC increased its holdings 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 valued at $16,227,000 after purchasing an additional 25,474 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in SolarEdge Technologies in the 3rd quarter worth approximately $278,000. Two Sigma Advisers LP lifted its holdings in SolarEdge Technologies by 0.3% during the 3rd 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 in the last quarter. Finally, Soros Fund Management LLC acquired a new position in SolarEdge Technologies during the 3rd quarter worth $5,293,000. Institutional investors own 95.10% of the company’s stock.

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.