SolarEdge Technologies (NASDAQ:SEDG) Reaches New 1-Year Low After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) hit a new 52-week low 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. The stock had previously closed at $57.55.

A number of other analysts have also weighed in on the stock. Northland Securities lowered shares of SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday. Canaccord Genuity Group reduced their price objective on shares of SolarEdge Technologies from $75.00 to $58.00 and set a “hold” rating on the stock in a report on Thursday. Truist Financial lowered their target price on shares of SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating for the company in a research note on Thursday, February 22nd. Wells Fargo & Company cut their price target on SolarEdge Technologies from $91.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. Finally, Janney Montgomery Scott cut SolarEdge Technologies from a “buy” rating to a “neutral” rating in a research report on Friday, March 22nd. Four investment analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $93.73.

Insider Buying and Selling

In other news, Director More Avery acquired 7,000 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were bought at an average cost of $67.75 per share, with a total value of $474,250.00. Following the purchase, the director now owns 77,446 shares of the company’s stock, valued at approximately $5,246,966.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.17% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of SolarEdge Technologies by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,529,274 shares of the semiconductor company’s stock valued at $327,566,000 after buying an additional 92,230 shares during the period. Baillie Gifford & Co. raised its position in SolarEdge Technologies by 89.3% in the third quarter. Baillie Gifford & Co. now owns 1,770,501 shares of the semiconductor company’s stock worth $229,298,000 after acquiring an additional 835,290 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its position in SolarEdge Technologies by 108.5% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,495,069 shares of the semiconductor company’s stock worth $193,626,000 after acquiring an additional 778,034 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in SolarEdge Technologies by 2.3% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,007,934 shares of the semiconductor company’s stock valued at $71,543,000 after acquiring an additional 23,033 shares during the period. Finally, Impax Asset Management Group plc boosted its position in shares of SolarEdge Technologies by 1.6% during the 4th quarter. Impax Asset Management Group plc now owns 954,264 shares of the semiconductor company’s stock worth $88,890,000 after purchasing an additional 14,878 shares in the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

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

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share for the quarter, topping the consensus estimate of ($2.01) by $0.60. SolarEdge Technologies had a net margin of 1.15% and a return on equity of 5.00%. The company had revenue of $316.04 million for the quarter, compared to analyst estimates of $319.97 million. On average, analysts forecast that SolarEdge Technologies, Inc. will post -4.68 EPS for the current 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.