Morgan Stanley Reiterates Underweight Rating for SolarEdge Technologies (NASDAQ:SEDG)

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “underweight” rating reaffirmed by analysts at Morgan Stanley in a report released on Wednesday, Marketbeat reports. They currently have a $10.00 price target on the semiconductor company’s stock. Morgan Stanley’s price objective would indicate a potential downside of 14.68% from the stock’s current price.

Several other analysts have also recently commented on the stock. Royal Bank of Canada boosted their price target on shares of SolarEdge Technologies from $14.00 to $15.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. decreased their target price on SolarEdge Technologies from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Canaccord Genuity Group increased their price target on SolarEdge Technologies from $18.00 to $19.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. BMO Capital Markets downgraded SolarEdge Technologies from a “market perform” rating to an “underperform” rating and lifted their price objective for the stock from $13.00 to $15.00 in a research note on Thursday, February 20th. Finally, Jefferies Financial Group lowered their target price on SolarEdge Technologies from $12.00 to $9.00 and set an “underperform” rating for the company in a research report on Tuesday, April 15th. Twelve research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and an average target price of $16.92.

SolarEdge Technologies Trading Down 1.7 %

SolarEdge Technologies stock opened at $11.72 on Wednesday. SolarEdge Technologies has a 1 year low of $10.24 and a 1 year high of $64.04. The firm’s 50 day moving average price is $15.43 and its 200-day moving average price is $14.97. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46. The stock has a market cap of $691.98 million, a P/E ratio of -0.38 and a beta of 1.63.

Insider Activity

In related news, Chairman More Avery purchased 30,000 shares of SolarEdge Technologies stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average price of $13.70 per share, with a total value of $411,000.00. Following the purchase, the chairman now directly owns 274,478 shares of the company’s stock, valued at approximately $3,760,348.60. This represents a 12.27 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds have recently added to or reduced their stakes in SEDG. Fifth Third Bancorp raised its stake in shares of SolarEdge Technologies by 93.7% during 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 in the last quarter. Millstone Evans Group LLC purchased a new position in SolarEdge Technologies during the 4th quarter worth $27,000. Jones Financial Companies Lllp raised its position in SolarEdge Technologies by 401.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 1,954 shares in the last quarter. Y.D. More Investments Ltd lifted its holdings in shares of SolarEdge Technologies by 251.8% in the 4th quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company’s stock worth $53,000 after buying an additional 2,770 shares during the period. Finally, R Squared Ltd bought a new position in shares of SolarEdge Technologies during the 4th quarter worth $61,000. 95.10% of the stock is currently owned by 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.