Morgan Stanley Reaffirms “Underweight” Rating for SolarEdge Technologies (NASDAQ:SEDG)

Morgan Stanley restated their underweight rating on shares of SolarEdge Technologies (NASDAQ:SEDG) in a research report released on Friday, Marketbeat.com reports. Morgan Stanley currently has a $9.00 price target on the semiconductor company’s stock, down from their previous price target of $23.00.

SEDG has been the topic of a number of other research reports. BMO Capital Markets decreased their target price on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a research note on Thursday, November 7th. Royal Bank of Canada dropped their target price on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a report on Tuesday, October 15th. Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $21.00 to $14.00 in a report on Thursday, November 7th. Canaccord Genuity Group dropped their price objective on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, Citigroup decreased their target price on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Ten equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, SolarEdge Technologies has an average rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Stock Performance

Shares of SolarEdge Technologies stock traded down $2.19 on Friday, hitting $10.64. 9,412,095 shares of the company’s stock were exchanged, compared to its average volume of 3,575,298. SolarEdge Technologies has a 1 year low of $10.55 and a 1 year high of $103.15. The company has a 50-day simple moving average of $18.19 and a 200-day simple moving average of $29.31. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The stock has a market capitalization of $616.59 million, a PE ratio of -0.37 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate 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 revenue for the quarter was down 64.0% on a year-over-year basis. During the same quarter last year, the firm posted ($1.03) earnings per share. As a group, equities analysts anticipate that SolarEdge Technologies will post -17.69 EPS for the current year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery bought 156,000 shares of the stock in a transaction dated Monday, November 11th. The stock was purchased at an average cost 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 of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

Large investors have recently added to or reduced their stakes in the stock. Swedbank AB purchased a new position in SolarEdge Technologies during the 1st quarter worth $261,312,000. Vanguard Group Inc. lifted its stake in SolarEdge Technologies by 2.8% in the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after acquiring an additional 62,942 shares during the period. Quarry LP purchased a new stake in SolarEdge Technologies in the second quarter worth about $36,627,000. Two Sigma Advisers LP grew 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 acquiring an additional 3,400 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in SolarEdge Technologies by 0.3% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock valued at $25,531,000 after purchasing an additional 2,795 shares during the period. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.