Northland Securities Downgrades SolarEdge Technologies (NASDAQ:SEDG) to Under Perform

SolarEdge Technologies (NASDAQ:SEDG) was downgraded by investment analysts at Northland Securities from a “market perform” rating to an “under perform” rating in a note issued to investors on Friday, Marketbeat reports. They currently have a $15.50 target price on the semiconductor company’s stock. Northland Securities’ target price would indicate a potential downside of 29.61% from the company’s previous close.

A number of other brokerages have also issued reports on SEDG. Morgan Stanley reissued an “underweight” rating and set a $10.00 target price on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Piper Sandler lifted their target price on shares of SolarEdge Technologies from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Barclays lifted their price objective on shares of SolarEdge Technologies from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Wednesday, April 16th. The Goldman Sachs Group lifted their price objective on shares of SolarEdge Technologies from $21.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Finally, Guggenheim reaffirmed a “sell” rating and issued a $5.00 price objective on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Twelve research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and a consensus target price of $16.44.

SolarEdge Technologies Trading Up 5.7%

NASDAQ SEDG opened at $22.02 on Friday. SolarEdge Technologies has a twelve month low of $10.24 and a twelve month high of $53.58. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.46 and a current ratio of 1.95. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -0.71 and a beta of 1.50. The firm’s 50 day moving average price is $15.06 and its two-hundred day moving average price is $14.77.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.12. The company had revenue of $219.48 million during the quarter, compared to analyst estimates of $205.39 million. SolarEdge Technologies had a negative net margin of 192.13% and a negative return on equity of 95.05%. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the business posted ($1.90) EPS. Equities analysts anticipate that SolarEdge Technologies will post -4.54 EPS for the current year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery acquired 30,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were bought at an average price of $13.70 per share, for a total transaction of $411,000.00. Following the acquisition, the chairman now owns 274,478 shares in the company, valued at $3,760,348.60. This trade represents a 12.27% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Edmond DE Rothschild Holding S.A. increased its stake in SolarEdge Technologies by 60.0% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 600 shares during the period. Fifth Third Bancorp increased its stake in SolarEdge Technologies by 93.7% in the first quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 790 shares during the period. Millstone Evans Group LLC bought a new stake in SolarEdge Technologies in the fourth quarter valued at about $27,000. Banque Cantonale Vaudoise bought a new stake in SolarEdge Technologies in the first quarter valued at about $35,000. Finally, Jones Financial Companies Lllp increased its stake in SolarEdge Technologies by 401.2% in the fourth quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 1,954 shares during the period. Institutional investors own 95.10% of the company’s stock.

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.