SolarEdge Technologies (NASDAQ:SEDG) Stock Price Down 4.2% After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price dropped 4.2% during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $44.00 to $38.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. SolarEdge Technologies traded as low as $30.11 and last traded at $30.0550. 776,347 shares changed hands during trading, a decline of 77% from the average daily volume of 3,382,568 shares. The stock had previously closed at $31.36.

Other analysts also recently issued research reports about the company. Barclays cut their price target on SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 7th. UBS Group raised SolarEdge Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the company from $36.00 to $42.00 in a research report on Wednesday, August 26th. Wells Fargo & Company assumed coverage on SolarEdge Technologies in a research note on Monday, June 29th. They set an “equal weight” rating and a $36.00 price objective for the company. Susquehanna dropped their target price on SolarEdge Technologies from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, October 14th. Finally, Royal Bank Of Canada boosted their target price on SolarEdge Technologies from $24.00 to $30.00 and gave the stock a “sector perform” rating in a report on Friday, September 11th. Two investment 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 data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Reduce” and an average price target of $38.33.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors have recently modified their holdings of the business. Allworth Financial LP purchased a new stake in SolarEdge Technologies during the second quarter valued at approximately $31,000. Nykredit A S bought a new position in SolarEdge Technologies in the second quarter worth approximately $36,000. Public Employees Retirement System of Ohio bought a new position in SolarEdge Technologies in the second quarter worth approximately $72,000. State of Wyoming boosted its stake in shares of SolarEdge Technologies by 32.9% during the 1st quarter. State of Wyoming now owns 1,237 shares of the semiconductor company’s stock worth $63,000 after acquiring an additional 306 shares during the last quarter. Finally, EFG International AG purchased a new position in shares of SolarEdge Technologies during the 2nd quarter worth $123,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Performance

The business’s 50-day moving average price is $32.90 and its 200-day moving average price is $44.54. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.38 and a current ratio of 2.03. The stock has a market cap of $1.99 billion, a P/E ratio of -7.19 and a beta of 1.44.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. The company had revenue of $346.20 million for the quarter, compared to analysts’ expectations of $341.15 million. During the same period last year, the firm earned ($0.81) EPS. SolarEdge Technologies’s revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, sell-side analysts expect that SolarEdge Technologies, Inc. will post -1.20 earnings per share for the current fiscal year.

SolarEdge Technologies Company Profile

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.