SolarEdge Technologies (NASDAQ:SEDG) Hits New 52-Week Low After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares reached a new 52-week low during trading on Thursday after Citigroup lowered their price target on the stock from $83.00 to $71.00. Citigroup currently has a neutral rating on the stock. SolarEdge Technologies traded as low as $51.91 and last traded at $52.64, with a volume of 1619916 shares changing hands. The stock had previously closed at $57.55.

A number of other analysts have also commented on the company. Susquehanna dropped their price target on SolarEdge Technologies from $97.00 to $92.00 and set a “positive” rating for the company in a research note on Friday, April 5th. Mizuho dropped their target price on shares of SolarEdge Technologies from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Canaccord Genuity Group began coverage on shares of SolarEdge Technologies in a research report on Tuesday, January 16th. They set a “hold” rating and a $80.00 price target on the stock. The Goldman Sachs Group lowered their price objective on shares of SolarEdge Technologies from $64.00 to $49.00 and set a “sell” rating for the company in a report on Thursday. Finally, DZ Bank started coverage on SolarEdge Technologies in a report on Wednesday, April 17th. They set a “hold” rating and a $62.00 target price on the stock. Four equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $93.73.

Insider Activity at SolarEdge Technologies

In other SolarEdge Technologies news, Director More Avery bought 7,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was acquired at an average price of $67.75 per share, with a total value of $474,250.00. Following the transaction, the director now owns 77,446 shares in the company, valued at $5,246,966.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.17% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds have recently added to or reduced their stakes in SEDG. Vanguard Group Inc. grew its holdings in shares of SolarEdge Technologies by 3.8% in the third quarter. Vanguard Group Inc. now owns 2,529,274 shares of the semiconductor company’s stock worth $327,566,000 after acquiring an additional 92,230 shares during the period. Baillie Gifford & Co. grew its stake in shares of SolarEdge Technologies by 89.3% during the 3rd quarter. Baillie Gifford & Co. now owns 1,770,501 shares of the semiconductor company’s stock valued at $229,298,000 after purchasing an additional 835,290 shares during the period. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of SolarEdge Technologies by 108.5% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,495,069 shares of the semiconductor company’s stock valued at $193,626,000 after purchasing an additional 778,034 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of SolarEdge Technologies by 2.3% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,007,934 shares of the semiconductor company’s stock worth $71,543,000 after purchasing an additional 23,033 shares during the period. Finally, Impax Asset Management Group plc boosted its holdings in shares of SolarEdge Technologies by 1.6% in the fourth quarter. Impax Asset Management Group plc now owns 954,264 shares of the semiconductor company’s stock worth $88,890,000 after buying an additional 14,878 shares during the last quarter. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

SolarEdge Technologies Price Performance

The company has a market capitalization of $3.02 billion, a P/E ratio of 117.04 and a beta of 1.53. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.70 and a quick ratio of 2.08. The firm’s 50-day moving average is $64.30 and its 200-day moving average is $73.85.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Tuesday, February 20th. The semiconductor company reported ($1.41) EPS for the quarter, topping the consensus estimate of ($2.01) by $0.60. The firm had revenue of $316.04 million during the quarter, compared to analyst estimates of $319.97 million. SolarEdge Technologies had a return on equity of 5.00% and a net margin of 1.15%. Analysts predict that SolarEdge Technologies, Inc. will post -4.68 EPS for the current fiscal year.

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.