SolarEdge Technologies (NASDAQ:SEDG) Shares Down 14.3% After Analyst Downgrade


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SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares dropped 14.3% during mid-day trading on Tuesday after Credit Suisse Group lowered their price target on the stock from $324.00 to $322.00. Credit Suisse Group currently has a neutral rating on the stock. SolarEdge Technologies traded as low as $222.87 and last traded at $223.00. Approximately 25,511 shares traded hands during trading, a decline of 98% from the average daily volume of 1,081,693 shares. The stock had previously closed at $260.06.

A number of other brokerages have also issued reports on SEDG. Bank of America initiated coverage on shares of SolarEdge Technologies in a report on Thursday, April 1st. They set a “neutral” rating and a $306.00 price objective for the company. Susquehanna Bancshares raised shares of SolarEdge Technologies from a “neutral” rating to a “positive” rating and set a $345.00 target price for the company in a report on Friday, March 19th. Barclays raised shares of SolarEdge Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $334.00 to $365.00 in a report on Wednesday, April 28th. JPMorgan Chase & Co. cut their target price on shares of SolarEdge Technologies from $386.00 to $337.00 and set an “overweight” rating for the company in a report on Monday, March 8th. Finally, The Goldman Sachs Group raised their target price on shares of SolarEdge Technologies from $258.00 to $313.00 and gave the company a “neutral” rating in a report on Monday, January 4th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. SolarEdge Technologies currently has a consensus rating of “Hold” and an average price target of $304.89.

In other news, VP Meir Adest sold 10,000 shares of SolarEdge Technologies stock in a transaction on Thursday, April 1st. The stock was sold at an average price of $288.59, for a total transaction of $2,885,900.00. Following the completion of the sale, the vice president now directly owns 310,211 shares in the company, valued at $89,523,792.49. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Marcel Gani sold 1,000 shares of SolarEdge Technologies stock in a transaction on Monday, March 1st. The stock was sold at an average price of $304.53, for a total value of $304,530.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,222 shares of company stock valued at $9,185,473. Corporate insiders own 2.90% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in SEDG. BlackRock Inc. raised its holdings in shares of SolarEdge Technologies by 11.7% in the fourth quarter. BlackRock Inc. now owns 5,998,029 shares of the semiconductor company’s stock valued at $1,914,091,000 after acquiring an additional 628,326 shares in the last quarter. Norges Bank bought a new stake in shares of SolarEdge Technologies in the fourth quarter valued at about $141,712,000. UBS Asset Management Americas Inc. raised its holdings in shares of SolarEdge Technologies by 143.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 508,076 shares of the semiconductor company’s stock valued at $162,137,000 after acquiring an additional 299,217 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of SolarEdge Technologies by 98.3% in the fourth quarter. First Trust Advisors LP now owns 396,690 shares of the semiconductor company’s stock valued at $126,592,000 after acquiring an additional 196,656 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of SolarEdge Technologies by 132.1% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 310,700 shares of the semiconductor company’s stock valued at $99,151,000 after acquiring an additional 176,808 shares in the last quarter. Hedge funds and other institutional investors own 77.52% of the company’s stock.

The company has a debt-to-equity ratio of 0.55, a current ratio of 4.56 and a quick ratio of 3.79. The firm has a fifty day moving average of $272.14 and a two-hundred day moving average of $286.67. The stock has a market capitalization of $11.36 billion, a P/E ratio of 63.91, a P/E/G ratio of 3.40 and a beta of 0.98.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Monday, May 3rd. The semiconductor company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.31. SolarEdge Technologies had a return on equity of 19.31% and a net margin of 11.55%. The firm had revenue of $405.50 million during the quarter, compared to the consensus estimate of $395.73 million. During the same period in the previous year, the company posted $0.95 earnings per share. The firm’s quarterly revenue was down 6.0% on a year-over-year basis. As a group, sell-side analysts forecast that SolarEdge Technologies, Inc. will post 2.86 EPS for the current fiscal year.

SolarEdge Technologies Company Profile (NASDAQ:SEDG)

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. It offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial, and small utility-scale solar installations; and a cloud-based monitoring platform that collects and processes information from the power optimizers and inverters, as well as monitors and manages the solar PV system.

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