SolarEdge Technologies (NASDAQ:SEDG) Cut to Strong Sell at Glj Research

SolarEdge Technologies (NASDAQ:SEDG) was downgraded by research analysts at Glj Research from a “hold” rating to a “strong sell” rating in a research note issued on Tuesday, Marketbeat.com reports. They presently have a $6.90 price objective on the semiconductor company’s stock. Glj Research’s price objective indicates a potential downside of 59.36% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. Wells Fargo & Company dropped their target price on shares of SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, May 7th. Morgan Stanley reaffirmed an “underweight” rating and set a $10.00 target price on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Roth Mkm upped their target price on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, February 21st. Canaccord Genuity Group upped their target price on shares of SolarEdge Technologies from $14.00 to $16.50 and gave the stock a “hold” rating in a report on Wednesday, May 7th. Finally, Northland Capmk raised shares of SolarEdge Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, May 23rd. Twelve investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.96.

SolarEdge Technologies Stock Performance

NASDAQ:SEDG opened at $16.98 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.39 and a current ratio of 2.04. The company has a fifty day moving average of $16.40 and a two-hundred day moving average of $15.52. The stock has a market capitalization of $1.00 billion, a PE ratio of -0.56 and a beta of 1.59. SolarEdge Technologies has a fifty-two week low of $10.24 and a fifty-two week high of $35.29.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.12. The company had revenue of $219.48 million during the quarter, compared to analysts’ expectations of $205.39 million. SolarEdge Technologies had a negative net margin of 182.81% and a negative return on equity of 127.53%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the prior year, the business posted ($1.90) earnings per share. As a group, research analysts forecast that SolarEdge Technologies will post -4.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Hedge funds have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in SolarEdge Technologies by 2,680.8% in the first quarter. GAMMA Investing LLC now owns 146,380 shares of the semiconductor company’s stock valued at $2,368,000 after buying an additional 141,116 shares during the last quarter. Teza Capital Management LLC lifted its position in SolarEdge Technologies by 59.1% in the fourth quarter. Teza Capital Management LLC now owns 50,052 shares of the semiconductor company’s stock valued at $681,000 after buying an additional 18,602 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its position in SolarEdge Technologies by 14.9% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock valued at $67,370,000 after buying an additional 641,915 shares during the last quarter. Headlands Technologies LLC acquired a new position in SolarEdge Technologies in the fourth quarter valued at about $257,000. Finally, Renaissance Technologies LLC lifted its position in SolarEdge Technologies by 79.6% in the fourth quarter. Renaissance Technologies LLC now owns 627,700 shares of the semiconductor company’s stock valued at $8,537,000 after buying an additional 278,200 shares during the last quarter. Hedge funds and other 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.