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

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

A number of other equities analysts have also weighed in on SEDG. JPMorgan Chase & Co. decreased their price target on SolarEdge Technologies from $44.00 to $38.00 and set a “neutral” rating for the company in a research report on Monday, October 19th. Citigroup boosted their price objective on SolarEdge Technologies from $25.00 to $30.00 and gave the stock a “sell” rating in a report on Monday, September 21st. Mizuho upped their price objective on shares of SolarEdge Technologies from $38.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, September 11th. The Goldman Sachs Group reduced their price objective on shares of SolarEdge Technologies from $34.00 to $30.00 and set a “sell” rating for the company in a research note on Thursday, August 6th. Finally, Barclays decreased their target price on shares of SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Wednesday, October 7th. Two equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $38.53.

SolarEdge Technologies Price Performance

NASDAQ SEDG opened at $31.64 on Friday. SolarEdge Technologies has a 1 year low of $28.21 and a 1 year high of $81.25. The business’s fifty day moving average is $32.90 and its two-hundred day moving average is $42.26. The stock has a market capitalization of $1.95 billion, a P/E ratio of -7.03 and a beta of 1.44. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.38 and a current ratio of 2.03.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07. The business had revenue of $346.20 million during the quarter, compared to analyst estimates of $341.15 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. The company’s revenue was up 19.6% compared to the same quarter last year. During the same period last year, the company posted ($0.81) EPS. On average, research analysts forecast that SolarEdge Technologies will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc purchased a new position in shares of SolarEdge Technologies during the second quarter valued at $76,095,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in SolarEdge Technologies in the 2nd quarter worth about $55,514,000. Meitav Investment House Ltd. lifted its stake in SolarEdge Technologies by 541.6% in the 1st quarter. Meitav Investment House Ltd. now owns 1,017,551 shares of the semiconductor company’s stock worth $51,946,000 after acquiring an additional 858,954 shares in the last quarter. Bank of America Corp DE boosted its position in SolarEdge Technologies by 218.6% during the 1st quarter. Bank of America Corp DE now owns 404,297 shares of the semiconductor company’s stock worth $20,639,000 after acquiring an additional 277,385 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in SolarEdge Technologies by 303.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 314,066 shares of the semiconductor company’s stock worth $16,031,000 after acquiring an additional 236,176 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

About SolarEdge Technologies

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.