Bank of America Downgrades SolarEdge Technologies (NASDAQ:SEDG) to Underperform

SolarEdge Technologies (NASDAQ:SEDGGet Free Report) was downgraded by research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a report released on Thursday, Marketbeat Ratings reports. They currently have a $14.00 price target on the semiconductor company’s stock, down from their previous price target of $21.00. Bank of America‘s target price would suggest a potential upside of 3.47% from the stock’s previous close.

A number of other brokerages have also weighed in on SEDG. Piper Sandler lowered SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $17.00 to $9.00 in a report on Thursday. Susquehanna lowered their price target on shares of SolarEdge Technologies from $24.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 16th. Citigroup cut their price objective on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Guggenheim cut SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 target price on the stock. in a report on Thursday, October 17th. Finally, Roth Mkm dropped their price target on SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, October 21st. Nine investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $23.79.

View Our Latest Stock Report on SEDG

SolarEdge Technologies Stock Down 9.1 %

SEDG opened at $13.53 on Thursday. The company has a market cap of $775.27 million, a PE ratio of -0.47 and a beta of 1.59. SolarEdge Technologies has a twelve month low of $12.38 and a twelve month high of $103.15. The company has a 50-day moving average price of $19.12 and a 200 day moving average price of $30.89. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDGGet Free Report) last released its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 56.32%. The firm had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. During the same quarter last year, the business earned $2.06 EPS. The business’s revenue was down 73.2% compared to the same quarter last year. Sell-side analysts expect that SolarEdge Technologies will post -8.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new stake in SolarEdge Technologies during the second quarter worth about $28,000. EntryPoint Capital LLC acquired a new position in shares of SolarEdge Technologies in the first quarter valued at approximately $64,000. KBC Group NV increased 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 worth $65,000 after buying an additional 1,378 shares during the period. First Pacific Financial lifted its holdings in SolarEdge Technologies by 53.0% during the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after buying an additional 1,805 shares in the last quarter. Finally, US Bancorp DE boosted 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 valued at $156,000 after buying an additional 4,834 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Company Profile

(Get Free Report)

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.

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Analyst Recommendations for SolarEdge Technologies (NASDAQ:SEDG)

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