SolarEdge Technologies (NASDAQ:SEDG) Sets New 52-Week Low After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) reached a new 52-week low on Monday after B. Riley lowered their price target on the stock from $133.00 to $124.00. B. Riley currently has a buy rating on the stock. SolarEdge Technologies traded as low as $54.01 and last traded at $54.15, with a volume of 725072 shares trading hands. The stock had previously closed at $55.80.

Several other equities research analysts also recently commented on SEDG. Janney Montgomery Scott downgraded SolarEdge Technologies from a “buy” rating to a “neutral” rating in a report on Friday, March 22nd. Scotiabank decreased their price target on SolarEdge Technologies from $93.00 to $90.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 21st. Royal Bank of Canada decreased their price target on SolarEdge Technologies from $85.00 to $77.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 21st. Canaccord Genuity Group initiated coverage on SolarEdge Technologies in a research note on Tuesday, January 16th. They issued a “hold” rating and a $80.00 price target for the company. Finally, BMO Capital Markets reduced their price objective on SolarEdge Technologies from $85.00 to $80.00 and set a “market perform” rating for the company in a research report on Wednesday, February 21st. Four analysts have rated the stock with a sell rating, twenty-one have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus target price of $98.38.

Insider Transactions at SolarEdge Technologies

In related news, Director More Avery bought 7,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was purchased at an average price of $67.75 per share, for a total transaction of $474,250.00. Following the acquisition, the director now owns 77,446 shares in the company, valued at $5,246,966.50. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.17% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the company. New Mexico Educational Retirement Board bought a new stake in SolarEdge Technologies during the 1st quarter valued at $220,000. Altfest L J & Co. Inc. raised its position in SolarEdge Technologies by 24.6% during the 1st quarter. Altfest L J & Co. Inc. now owns 5,056 shares of the semiconductor company’s stock valued at $359,000 after purchasing an additional 998 shares in the last quarter. Albion Financial Group UT raised its position in SolarEdge Technologies by 32.2% during the 1st quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock valued at $278,000 after purchasing an additional 955 shares in the last quarter. Hexagon Capital Partners LLC raised its position in SolarEdge Technologies by 120.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock valued at $79,000 after purchasing an additional 610 shares in the last quarter. Finally, Brookstone Capital Management purchased a new position in shares of SolarEdge Technologies in the 1st quarter valued at $350,000. 95.10% of the stock is owned by institutional investors.

SolarEdge Technologies Price Performance

The stock has a fifty day moving average price of $68.43 and a 200-day moving average price of $78.27. The firm has a market capitalization of $3.24 billion, a PE ratio of 126.16 and a beta of 1.51. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.08 and a current ratio of 3.70.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.01) by $0.60. SolarEdge Technologies had a return on equity of 5.00% and a net margin of 1.15%. The business had revenue of $316.04 million for the quarter, compared to the consensus estimate of $319.97 million. Sell-side analysts forecast that SolarEdge Technologies, Inc. will post -4.11 EPS for the current fiscal 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.