Zacks Investment Research Downgrades SolarEdge Technologies, Inc. (SEDG) to Hold
SolarEdge Technologies, Inc. (NASDAQ:SEDG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “SolarEdge Technologies, Inc. provides inverter solution. The company’s SolarEdge system offers power optimizers, inverters and a cloud-based monitoring platform. It serves residential solar installations to commercial and small utility-scale solar installations. SolarEdge Technologies, Inc. is headquartered in Hod Hasharon, Israel. “
Several other equities research analysts also recently commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $30.00 price target on shares of SolarEdge Technologies in a research report on Tuesday, September 12th. Axiom Securities restated a “sell” rating on shares of SolarEdge Technologies in a research report on Thursday, August 31st. Canaccord Genuity restated a “buy” rating and issued a $30.00 price target (up previously from $25.00) on shares of SolarEdge Technologies in a research report on Wednesday, August 9th. Barclays PLC restated an “overweight” rating and issued a $28.00 price target (up previously from $21.00) on shares of SolarEdge Technologies in a research report on Wednesday, August 9th. Finally, BidaskClub upgraded shares of SolarEdge Technologies from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 8th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $23.11.
Shares of SolarEdge Technologies (NASDAQ SEDG) traded up 0.087% on Wednesday, hitting $28.775. The company had a trading volume of 143,374 shares. The stock has a market cap of $1.21 billion, a PE ratio of 25.510 and a beta of 0.03. The company has a 50-day moving average of $27.47 and a 200 day moving average of $27.47. SolarEdge Technologies has a 12 month low of $11.35 and a 12 month high of $29.80.
SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.18. The business had revenue of $136.10 million during the quarter, compared to the consensus estimate of $125.07 million. SolarEdge Technologies had a net margin of 12.64% and a return on equity of 21.01%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 EPS. Analysts anticipate that SolarEdge Technologies will post $1.89 EPS for the current fiscal year.
In related news, VP Zvi Lando sold 3,192 shares of the firm’s stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $22.01, for a total value of $70,255.92. Following the transaction, the vice president now directly owns 49,203 shares in the company, valued at approximately $1,082,958.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Rachel Prishkolnik sold 30,000 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $27.69, for a total transaction of $830,700.00. Following the completion of the transaction, the vice president now owns 20,000 shares in the company, valued at $553,800. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,000 shares of company stock worth $5,062,604. 16.40% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the stock. Oak Associates Ltd. OH acquired a new position in SolarEdge Technologies in the 2nd quarter valued at $561,000. Dynamic Technology Lab Private Ltd grew its position in SolarEdge Technologies by 292.7% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 44,963 shares of the semiconductor company’s stock worth $899,000 after purchasing an additional 33,514 shares during the last quarter. Koch Industries Inc. acquired a new stake in SolarEdge Technologies in the 2nd quarter worth $265,000. Argent Capital Management LLC acquired a new stake in SolarEdge Technologies in the 2nd quarter worth $851,000. Finally, ETF Managers Group LLC acquired a new stake in SolarEdge Technologies in the 2nd quarter worth $226,000. Institutional investors and hedge funds own 57.43% of the company’s stock.
About SolarEdge Technologies
SolarEdge Technologies, Inc offers an inverter solution for a solar photovoltaic (PV) system. The Company’s products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management.
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