SolarEdge Technologies (NASDAQ:SEDG) Reaches New 52-Week Low After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) hit a new 52-week low during trading on Thursday after Mizuho downgraded the stock from an outperform rating to a neutral rating. Mizuho now has a $11.00 price target on the stock, down from their previous price target of $35.00. SolarEdge Technologies traded as low as $12.38 and last traded at $13.35, with a volume of 2649123 shares changing hands. The stock had previously closed at $14.68.

Other research analysts also recently issued reports about the company. Susquehanna decreased their price target on SolarEdge Technologies from $24.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday, October 16th. TD Cowen lowered their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday. Truist Financial reiterated a “hold” rating and set a $20.00 price target on shares of SolarEdge Technologies in a research report on Tuesday, August 27th. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $17.00 to $9.00 in a research report on Thursday. Finally, Morgan Stanley lowered their price target on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 8th. Nine investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $25.78.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors have recently added to or reduced their stakes in SEDG. Trillium Asset Management LLC increased its position in SolarEdge Technologies by 1.6% during the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock worth $1,960,000 after purchasing an additional 427 shares during the period. Yelin Lapidot Holdings Management Ltd. lifted its holdings in SolarEdge Technologies by 5.1% in the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after acquiring an additional 564 shares during the period. Texas Permanent School Fund Corp boosted its position in shares of SolarEdge Technologies by 1.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock worth $3,525,000 after purchasing an additional 585 shares in the last quarter. Swiss National Bank grew its stake in shares of SolarEdge Technologies by 0.5% during the 1st quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after purchasing an additional 600 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in SolarEdge Technologies by 2.5% during the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock worth $727,000 after buying an additional 700 shares in the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

The stock’s fifty day simple moving average is $19.54 and its 200-day simple moving average is $31.29. The company has a market capitalization of $798.76 million, a PE ratio of -1.45 and a beta of 1.59. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The firm had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company’s quarterly revenue was down 73.2% compared to the same quarter last year. During the same period last year, the firm earned $2.06 EPS. On average, research analysts predict that SolarEdge Technologies, Inc. will post -8.85 earnings per share for the current fiscal year.

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.