SolarEdge Technologies (NASDAQ:SEDG) Trading Down 5.1% Following Analyst Downgrade

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) dropped 5.1% during trading on Monday after HSBC downgraded the stock from a buy rating to a hold rating. HSBC now has a $80.00 price target on the stock, down from their previous price target of $243.00. SolarEdge Technologies traded as low as $71.17 and last traded at $71.78. Approximately 440,516 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,607,474 shares. The stock had previously closed at $75.60.

A number of other research firms have also recently commented on SEDG. The Goldman Sachs Group dropped their target price on shares of SolarEdge Technologies from $131.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, November 2nd. Piper Sandler dropped their price objective on shares of SolarEdge Technologies from $210.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, October 20th. BMO Capital Markets lowered shares of SolarEdge Technologies from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $111.00 to $68.00 in a report on Thursday, November 2nd. Wells Fargo & Company lowered shares of SolarEdge Technologies from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $190.00 to $82.00 in a report on Monday. Finally, StockNews.com lowered shares of SolarEdge Technologies from a “hold” rating to a “sell” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, SolarEdge Technologies presently has an average rating of “Hold” and a consensus price target of $180.96.

Insider Transactions at SolarEdge Technologies

In related news, CFO Ronen Faier acquired 875 shares of SolarEdge Technologies stock in a transaction dated Wednesday, August 9th. The stock was bought at an average price of $180.10 per share, with a total value of $157,587.50. Following the transaction, the chief financial officer now directly owns 73,414 shares in the company, valued at approximately $13,221,861.40. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.17% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Hedge funds have recently bought and sold shares of the business. Quarry LP acquired a new stake in SolarEdge Technologies in the 1st quarter valued at $27,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in SolarEdge Technologies in the 1st quarter valued at $29,000. V Square Quantitative Management LLC acquired a new stake in SolarEdge Technologies in the 2nd quarter valued at $27,000. Harbour Investments Inc. grew its position in SolarEdge Technologies by 102.0% in the 4th quarter. Harbour Investments Inc. now owns 99 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 50 shares during the period. Finally, Alta Advisers Ltd bought a new position in SolarEdge Technologies during the 2nd quarter valued at $27,000. Institutional investors and hedge funds own 86.11% of the company’s stock.

SolarEdge Technologies Trading Down 5.1 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.75 and a current ratio of 3.85. The firm has a 50 day simple moving average of $122.90 and a two-hundred day simple moving average of $208.72. The firm has a market capitalization of $4.06 billion, a P/E ratio of 19.61, a PEG ratio of 0.69 and a beta of 1.58.

About SolarEdge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. It operates in Solar and All Other segments. The company offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial, and small utility-scale solar installations; and a cloud-based monitoring platform that collects and processes information from the power optimizers and inverters, as well as monitors and manages the solar PV system.