SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down – Here’s What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gapped down before the market opened on Wednesday . The stock had previously closed at $18.87, but opened at $15.97. SolarEdge Technologies shares last traded at $15.52, with a volume of 1,525,648 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SEDG. The Goldman Sachs Group dropped their price target on SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a research note on Friday, August 9th. DZ Bank lowered shares of SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price target on the stock. in a report on Wednesday, July 17th. Piper Sandler reduced their price target on shares of SolarEdge Technologies from $25.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Scotiabank lowered their price objective on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Finally, Royal Bank of Canada reduced their target price on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a report on Tuesday, October 15th. Seven research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $29.88.

SolarEdge Technologies Stock Down 22.2 %

The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The company has a market cap of $840.88 million, a price-to-earnings ratio of -1.68 and a beta of 1.59. The business has a 50-day simple moving average of $19.76 and a two-hundred day simple moving average of $31.41.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company had revenue of $265.41 million for the quarter, compared to the consensus estimate of $264.31 million. During the same period in the previous year, the company earned $2.06 EPS. The firm’s revenue for the quarter was down 73.2% compared to the same quarter last year. As a group, equities analysts forecast that SolarEdge Technologies, Inc. will post -8.85 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Several large investors have recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in SolarEdge Technologies during the 2nd quarter worth $28,000. EntryPoint Capital LLC acquired a new position in shares of SolarEdge Technologies during the 1st quarter worth about $64,000. KBC Group NV boosted its stake in SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after purchasing an additional 1,378 shares during the period. First Pacific Financial grew its holdings in SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after buying an additional 1,805 shares during the last quarter. Finally, US Bancorp DE increased its position in SolarEdge Technologies by 243.6% in the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after buying an additional 4,834 shares during the period. 95.10% of the stock is owned by institutional investors.

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.