SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down Following Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $19.00 to $15.00. The stock had previously closed at $17.59, but opened at $16.48. Wells Fargo & Company currently has an equal weight rating on the stock. SolarEdge Technologies shares last traded at $16.37, with a volume of 1,204,286 shares traded.

Several other research firms also recently issued reports on SEDG. Bank of America downgraded shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $21.00 to $14.00 in a research note on Thursday, November 7th. Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Glj Research raised shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. The Goldman Sachs Group boosted their price objective on shares of SolarEdge Technologies from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, UBS Group lowered 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. 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 data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $21.16.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was acquired at an average price of $13.65 per share, with a total value 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

A number of institutional investors have recently bought and sold shares of SEDG. Quarry LP acquired a new stake in SolarEdge Technologies in the 2nd quarter worth approximately $36,627,000. Marshall Wace LLP lifted its position in SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock worth $14,044,000 after acquiring an additional 450,081 shares during the last quarter. Soros Fund Management LLC acquired a new stake in shares of SolarEdge Technologies in the third quarter valued at about $5,293,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of SolarEdge Technologies by 683.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after purchasing an additional 220,304 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in SolarEdge Technologies by 1,634.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock valued at $4,911,000 after buying an additional 202,010 shares during the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Trading Down 10.3 %

The company has a market capitalization of $913.87 million, a P/E ratio of -0.54 and a beta of 1.56. The company has a 50-day simple moving average of $14.13 and a 200 day simple moving average of $19.95. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results 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). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same period last year, the company earned ($1.03) earnings per share. SolarEdge Technologies’s revenue for the quarter was down 64.0% on a year-over-year basis. Sell-side analysts expect that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current year.

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.