SolarEdge Technologies (NASDAQ:SEDG) Given New $7.00 Price Target at Barclays

SolarEdge Technologies (NASDAQ:SEDG) had its price target reduced by stock analysts at Barclays from $17.00 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “underperform” rating on the semiconductor company’s stock. Barclays‘s price target suggests a potential downside of 36.36% from the stock’s previous close.

Several other research firms also recently weighed in on SEDG. BMO Capital Markets dropped their target price on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a report on Thursday, November 7th. StockNews.com raised shares of SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. TD Cowen cut their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, November 7th. The Goldman Sachs Group decreased their target price on SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 9th. Ten investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $22.79.

SolarEdge Technologies Stock Performance

SEDG traded down $1.83 on Friday, hitting $11.00. 3,802,807 shares of the company traded hands, compared to its average volume of 3,550,286. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The company has a 50 day moving average of $18.37 and a 200-day moving average of $29.65. SolarEdge Technologies has a 12-month low of $11.00 and a 12-month high of $103.15. The stock has a market capitalization of $637.45 million, a PE ratio of -0.38 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. During the same quarter in the previous year, the business earned ($1.03) EPS. SolarEdge Technologies’s revenue for the quarter was down 64.0% on a year-over-year basis. Sell-side analysts anticipate that SolarEdge Technologies will post -17.69 earnings per share for the current year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery purchased 156,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the purchase, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Several large investors have recently added to or reduced their stakes in SEDG. Meitav Investment House Ltd. lifted its position in shares of SolarEdge Technologies by 9.6% in the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after buying an additional 51,065 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of SolarEdge Technologies during the third quarter worth approximately $1,495,000. E. Ohman J or Asset Management AB increased its stake in shares of SolarEdge Technologies by 109.3% in the third quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company’s stock valued at $8,559,000 after buying an additional 195,085 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in SolarEdge Technologies by 56.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 309,623 shares of the semiconductor company’s stock valued at $7,093,000 after buying an additional 111,944 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C bought a new stake in shares of SolarEdge Technologies during the second quarter worth approximately $678,000. 95.10% of the stock is 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.