SolarEdge Technologies (NASDAQ:SEDG) Sets New 1-Year Low at $58.04

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares hit a new 52-week low on Tuesday . The company traded as low as $58.04 and last traded at $58.05, with a volume of 252018 shares changing hands. The stock had previously closed at $60.44.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group lowered their price objective on SolarEdge Technologies from $83.00 to $71.00 and set a “sell” rating on the stock in a report on Wednesday, January 24th. Canaccord Genuity Group assumed coverage on SolarEdge Technologies in a report on Tuesday, January 16th. They issued a “hold” rating and a $80.00 price objective on the stock. Truist Financial lowered their price objective on SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating on the stock in a report on Thursday, February 22nd. Royal Bank of Canada lowered their price objective on SolarEdge Technologies from $85.00 to $77.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 21st. Finally, Citigroup lowered their price objective on SolarEdge Technologies from $89.00 to $83.00 and set a “neutral” rating on the stock in a report on Wednesday, February 21st. Four investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $98.81.

SolarEdge Technologies Trading Up 0.4 %

The company has a market cap of $3.41 billion, a PE ratio of 132.76 and a beta of 1.51. The business has a 50 day simple moving average of $70.20 and a two-hundred day simple moving average of $80.44. The company has a current ratio of 3.70, a quick ratio of 2.08 and a debt-to-equity ratio of 0.28.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.01) by $0.60. The company had revenue of $316.04 million for the quarter, compared to analyst estimates of $319.97 million. SolarEdge Technologies had a return on equity of 5.00% and a net margin of 1.15%. On average, analysts forecast that SolarEdge Technologies, Inc. will post -4.04 EPS for the current fiscal year.

Insider Activity at SolarEdge Technologies

In related news, Director More Avery purchased 7,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average cost of $67.75 per share, for a total transaction of $474,250.00. Following the acquisition, the director now owns 77,446 shares in the company, valued at $5,246,966.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.17% of the stock is owned by insiders.

Institutional Trading of SolarEdge Technologies

Several large investors have recently added to or reduced their stakes in SEDG. Altshuler Shaham Ltd grew its stake in shares of SolarEdge Technologies by 143.8% during the third quarter. Altshuler Shaham Ltd now owns 20,856 shares of the semiconductor company’s stock valued at $2,701,000 after acquiring an additional 12,302 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of SolarEdge Technologies by 20,293.3% during the fourth quarter. International Assets Investment Management LLC now owns 103,802 shares of the semiconductor company’s stock valued at $9,716,000 after acquiring an additional 103,293 shares in the last quarter. Royal London Asset Management Ltd. grew its stake in shares of SolarEdge Technologies by 5.4% during the third quarter. Royal London Asset Management Ltd. now owns 21,492 shares of the semiconductor company’s stock valued at $2,782,000 after acquiring an additional 1,101 shares in the last quarter. Meitav Investment House Ltd. grew its stake in shares of SolarEdge Technologies by 27.2% during the third quarter. Meitav Investment House Ltd. now owns 465,854 shares of the semiconductor company’s stock valued at $61,231,000 after acquiring an additional 99,681 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA grew its stake in shares of SolarEdge Technologies by 250.0% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 700 shares of the semiconductor company’s stock valued at $66,000 after acquiring an additional 500 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.