SolarEdge Technologies (NASDAQ:SEDG) Stock Price Down 7.6% Following Analyst Downgrade

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) dropped 7.6% on Friday after Barclays lowered their price target on the stock from $17.00 to $7.00. Barclays currently has an underperform rating on the stock. SolarEdge Technologies traded as low as $11.78 and last traded at $11.85. Approximately 2,109,526 shares were traded during trading, a decline of 40% from the average daily volume of 3,542,659 shares. The stock had previously closed at $12.83.

SEDG has been the subject of several other reports. Morgan Stanley restated an “underweight” rating and issued a $9.00 price target (down from $23.00) on shares of SolarEdge Technologies in a research note on Friday. William Blair began coverage on shares of SolarEdge Technologies in a research report on Thursday, August 29th. They issued a “market perform” rating for the company. Jefferies Financial Group downgraded SolarEdge Technologies from a “hold” rating to an “underperform” rating and reduced their price target for the stock from $27.00 to $17.00 in a research report on Tuesday, September 17th. The Goldman Sachs Group cut their target price on SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a research report on Thursday, November 7th. Finally, TD Cowen reduced their target price on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. Ten research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $22.79.

Insider Buying and Selling

In other news, Chairman More Avery purchased 156,000 shares of the stock in a transaction on Monday, November 11th. The stock was purchased at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now owns 244,478 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. 0.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several large investors have recently modified their holdings of SEDG. Swedbank AB acquired a new position in SolarEdge Technologies in the first quarter valued at $261,312,000. Quarry LP bought a new position in shares of SolarEdge Technologies in the 2nd quarter worth about $36,627,000. Marshall Wace LLP lifted its stake in shares of SolarEdge Technologies by 425.1% in the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after purchasing an additional 450,081 shares during the period. Soros Fund Management LLC bought a new stake in shares of SolarEdge Technologies during the 3rd quarter valued at about $5,293,000. Finally, Quadrature Capital Ltd grew its stake in SolarEdge Technologies by 1,206.8% during the first quarter. Quadrature Capital Ltd now owns 240,632 shares of the semiconductor company’s stock worth $17,080,000 after purchasing an additional 222,218 shares during the period. 95.10% of the stock is currently owned by institutional investors and hedge funds.

SolarEdge Technologies Stock Performance

The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. The stock has a fifty day simple moving average of $18.19 and a two-hundred day simple moving average of $29.31. The firm has a market capitalization of $616.59 million, a P/E ratio of -0.37 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business’s revenue was down 64.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.03) EPS. On average, research analysts predict that SolarEdge Technologies, Inc. will post -17.69 EPS for the current year.

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.