SolarEdge Technologies (NASDAQ:SEDG) Stock Rating Lowered by Piper Sandler

SolarEdge Technologies (NASDAQ:SEDG) was downgraded by analysts at Piper Sandler from a “neutral” rating to an “underweight” rating in a research note issued on Thursday, MarketBeat Ratings reports. They currently have a $9.00 target price on the semiconductor company’s stock, down from their prior target price of $17.00. Piper Sandler’s target price would suggest a potential downside of 33.48% from the company’s previous close.

A number of other analysts also recently commented on SEDG. Morgan Stanley lowered their target price on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 8th. JPMorgan Chase & Co. dropped their price objective on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. The Goldman Sachs Group cut their price objective on shares of SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating for the company in a report on Friday, August 9th. Roth Mkm cut their price target on SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, October 21st. Finally, Susquehanna dropped their target price 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. Nine investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, SolarEdge Technologies has a consensus rating of “Hold” and a consensus target price of $23.79.

SolarEdge Technologies Price Performance

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

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The business had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 56.32%. The company’s revenue for the quarter was down 73.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.06 earnings per share. On average, sell-side analysts forecast that SolarEdge Technologies will post -8.85 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of SEDG. GSA Capital Partners LLP boosted its stake in shares of SolarEdge Technologies by 113.3% in the 1st quarter. GSA Capital Partners LLP now owns 12,379 shares of the semiconductor company’s stock valued at $879,000 after buying an additional 6,576 shares during the period. Texas Permanent School Fund Corp grew its holdings in shares of SolarEdge Technologies by 1.2% in the 1st quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock worth $3,525,000 after acquiring an additional 585 shares during the period. Swiss National Bank raised its holdings in shares of SolarEdge Technologies by 0.5% in the first quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after acquiring an additional 600 shares during the last quarter. ProShare Advisors LLC grew its position in shares of SolarEdge Technologies by 24.9% in the first quarter. ProShare Advisors LLC now owns 10,030 shares of the semiconductor company’s stock valued at $712,000 after purchasing an additional 1,997 shares during the period. Finally, State Board of Administration of Florida Retirement System purchased a new stake in SolarEdge Technologies in the first quarter valued at approximately $236,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

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.