SolarEdge Technologies (NASDAQ:SEDG) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of SolarEdge Technologies (NASDAQ:SEDG) from a hold rating to a sell rating in a report published on Monday,Wall Street Zen reports.

Several other research analysts have also recently weighed in on SEDG. Royal Bank Of Canada dropped their price objective on shares of SolarEdge Technologies from $30.00 to $25.00 and set a “sector perform” rating for the company in a research report on Friday, November 6th. Weiss Ratings raised SolarEdge Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Citigroup dropped their price objective on SolarEdge Technologies from $30.00 to $24.00 and set a “sell” rating for the company in a report on Thursday, November 5th. BMO Capital Markets reduced their target price on shares of SolarEdge Technologies from $31.00 to $28.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 21st. Finally, Barclays lowered their price target on shares of SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 7th. Two analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $36.93.

SolarEdge Technologies Trading Up 3.1%

Shares of SEDG opened at $26.67 on Monday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.40 and a current ratio of 2.12. The company has a market cap of $1.65 billion, a price-to-earnings ratio of -7.02 and a beta of 1.31. The stock has a fifty day moving average price of $32.34 and a two-hundred day moving average price of $42.01. SolarEdge Technologies has a 52-week low of $25.25 and a 52-week high of $81.25.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 4th. The semiconductor company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.04 by $0.25. SolarEdge Technologies had a negative return on equity of 19.80% and a negative net margin of 17.34%. The company had revenue of $325.40 million for the quarter, compared to analysts’ expectations of $326.78 million. During the same quarter in the prior year, the business earned ($0.31) earnings per share. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. Analysts predict that SolarEdge Technologies will post -1.21 EPS for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Hedge funds have recently modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd bought a new position in SolarEdge Technologies during the 2nd quarter worth approximately $55,514,000. Bank of America Corp DE grew its holdings in SolarEdge Technologies by 218.6% during the first quarter. Bank of America Corp DE now owns 404,297 shares of the semiconductor company’s stock valued at $20,639,000 after purchasing an additional 277,385 shares during the period. Legal & General Group Plc bought a new stake in SolarEdge Technologies in the second quarter valued at approximately $76,095,000. Handelsbanken Fonder AB increased its stake in SolarEdge Technologies by 16.6% in the second quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company’s stock valued at $71,905,000 after purchasing an additional 175,281 shares in the last quarter. Finally, Man Group plc bought a new stake in SolarEdge Technologies in the second quarter valued at approximately $6,540,000. 95.10% of the stock is currently owned by institutional investors and hedge funds.

SolarEdge Technologies Company Profile

SolarEdge Technologies develops smart energy technologies for residential, commercial and utility-scale applications. Founded in 2006, the company is known for its DC-optimized inverter system, which combines power optimizers with inverters to help manage solar energy production at the panel level. Its product portfolio includes solar inverters and power optimizers, energy storage systems, monitoring and energy-management software, electric-vehicle charging equipment and related services. These offerings are designed to support the generation, storage and use of electricity from solar and other energy sources.