SolarEdge Technologies (NASDAQ:SEDG) Given Sell Rating at Citigroup

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “sell” rating reaffirmed by research analysts at Citigroup in a research note issued on Wednesday,Benzinga reports. They presently have a $9.00 price target on the semiconductor company’s stock, down from their prior price target of $12.00. Citigroup’s price target would suggest a potential downside of 48.83% from the stock’s current price.

SEDG has been the topic of several other reports. Glj Research upgraded SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, December 17th. Bank of America lowered shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $21.00 to $14.00 in a report on Thursday, November 7th. Royal Bank of Canada dropped their price target on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 15th. Canaccord Genuity Group boosted their price objective on shares of SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Tuesday. Finally, Guggenheim raised SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Eight equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies presently has an average rating of “Hold” and an average price target of $21.32.

SolarEdge Technologies Trading Up 8.0 %

Shares of SolarEdge Technologies stock opened at $17.59 on Wednesday. The firm’s 50 day moving average is $14.13 and its 200 day moving average is $19.95. The firm has a market capitalization of $1.02 billion, a PE ratio of -0.61 and a beta of 1.56. SolarEdge Technologies has a 1 year low of $10.24 and a 1 year high of $87.98. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. During the same quarter last year, the company posted ($1.03) earnings per share. The firm’s quarterly revenue was down 64.0% on a year-over-year basis. Equities research analysts forecast that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal year.

Insider Buying and Selling at SolarEdge Technologies

In related news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction on Monday, November 11th. The stock was acquired at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at $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 available through this hyperlink. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently modified their holdings of SEDG. Bank Hapoalim BM increased its holdings in SolarEdge Technologies by 2.5% during the 3rd quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock worth $769,000 after acquiring an additional 812 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of SolarEdge Technologies by 5.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock valued at $534,000 after purchasing an additional 1,175 shares in the last quarter. KBC Group NV grew its position in shares of 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 in the last quarter. ProShare Advisors LLC increased its holdings in shares of SolarEdge Technologies by 15.6% in the second quarter. ProShare Advisors LLC now owns 11,599 shares of the semiconductor company’s stock worth $293,000 after purchasing an additional 1,569 shares during the period. Finally, Ensign Peak Advisors Inc raised its position in shares of SolarEdge Technologies by 10.5% in the second quarter. Ensign Peak Advisors Inc now owns 18,491 shares of the semiconductor company’s stock worth $467,000 after buying an additional 1,750 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

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.