SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down on Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG – Get Free Report) gapped down prior to trading on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $58.00 to $38.00. The stock had previously closed at $33.25, but opened at $27.40. Canaccord Genuity Group currently has a hold rating on the stock. SolarEdge Technologies shares last traded at $27.77, with a volume of 1,810,591 shares trading hands.

Several other research firms have also recently issued reports on SEDG. Susquehanna cut shares of SolarEdge Technologies from a “positive” rating to a “neutral” rating and decreased their price target for the stock from $92.00 to $56.00 in a research note on Monday, May 13th. Mizuho dropped their price target on shares of SolarEdge Technologies from $104.00 to $84.00 and set a “buy” rating for the company in a research report on Friday, May 10th. B. Riley lowered their price objective on shares of SolarEdge Technologies from $133.00 to $124.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. BMO Capital Markets cut their target price on SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating on the stock in a research report on Thursday, May 9th. Finally, Barclays boosted their price target on SolarEdge Technologies from $50.00 to $61.00 and gave the company an “underweight” rating in a research report on Tuesday, April 16th. Four analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.12.

Read Our Latest Report on SolarEdge Technologies

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Manchester Capital Management LLC raised its position in shares of SolarEdge Technologies by 1,345.0% during the 4th quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 269 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of SolarEdge Technologies in the 4th quarter worth about $30,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of SolarEdge Technologies by 194.7% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 183 shares during the period. Versant Capital Management Inc grew its position in shares of SolarEdge Technologies by 1,066.7% during the 1st quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 640 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in SolarEdge Technologies during the first quarter worth about $64,000. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Stock Down 20.6 %

The company has a debt-to-equity ratio of 0.30, a current ratio of 4.54 and a quick ratio of 2.19. The stock’s fifty day simple moving average is $49.55 and its 200-day simple moving average is $66.24. The stock has a market cap of $1.51 billion, a P/E ratio of -5.68 and a beta of 1.62.

SolarEdge Technologies (NASDAQ:SEDG – Get Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.07) by ($0.35). SolarEdge Technologies had a negative return on equity of 6.43% and a negative net margin of 11.68%. The company had revenue of $204.40 million during the quarter, compared to the consensus estimate of $194.82 million. On average, research analysts anticipate that SolarEdge Technologies, Inc. will post -6.08 earnings per share for the current year.

About SolarEdge Technologies

(Get Free Report)

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.

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