SolarEdge Technologies (NASDAQ:SEDG) Price Target Lowered to $7.00 at Barclays

SolarEdge Technologies (NASDAQ:SEDG) had its price target lowered by Barclays from $17.00 to $7.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an underperform rating on the semiconductor company’s stock.

Other analysts have also recently issued research reports about the company. Citigroup decreased their target price on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Mizuho cut SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $35.00 to $11.00 in a research note on Thursday, November 7th. The Goldman Sachs Group dropped their target price on SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating on the stock in a report on Thursday, November 7th. Morgan Stanley restated an “underweight” rating and set a $9.00 price target (down from $23.00) on shares of SolarEdge Technologies in a report on Friday. Finally, Royal Bank of Canada dropped their price objective on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 15th. Ten investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.79.

SolarEdge Technologies Trading Down 17.1 %

Shares of NASDAQ SEDG traded down $2.19 during mid-day trading on Friday, hitting $10.64. 9,412,095 shares of the company traded hands, compared to its average volume of 3,575,298. The business has a 50 day moving average of $18.19 and a two-hundred day moving average of $29.31. The stock has a market capitalization of $616.59 million, a price-to-earnings ratio of -0.37 and a beta of 1.59. SolarEdge Technologies has a 1 year low of $10.55 and a 1 year high of $103.15. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The firm had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm’s revenue was down 64.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.03) EPS. On average, sell-side analysts anticipate that SolarEdge Technologies will post -17.69 earnings per share for the current fiscal year.

Insider Activity at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were purchased at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.67% of the stock is owned by corporate insiders.

Institutional Trading of SolarEdge Technologies

Institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in SolarEdge Technologies by 3.7% during the third quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock valued at $16,227,000 after purchasing an additional 25,474 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of SolarEdge Technologies during the 3rd quarter worth approximately $278,000. Two Sigma Advisers LP boosted its stake in SolarEdge Technologies by 0.3% in the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after buying an additional 3,400 shares in the last quarter. Soros Fund Management LLC acquired a new position in SolarEdge Technologies during the third quarter worth $5,293,000. Finally, Erste Asset Management GmbH acquired a new stake in shares of SolarEdge Technologies during the 3rd quarter worth about $4,420,000. 95.10% of the stock is currently owned by institutional investors and hedge funds.

SolarEdge Technologies Company Profile

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.