SolarEdge Technologies (NASDAQ:SEDG) Shares Down 4.6%

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price fell 4.6% during trading on Monday . The company traded as low as $18.28 and last traded at $18.60. 2,977,420 shares were traded during trading, a decline of 7% from the average session volume of 3,194,779 shares. The stock had previously closed at $19.49.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. DZ Bank downgraded SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 target price for the company. in a research report on Wednesday, July 17th. Royal Bank of Canada cut their target price on shares of SolarEdge Technologies from $37.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Canaccord Genuity Group decreased their price target on shares of SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating for the company in a research report on Tuesday, June 25th. Canaccord Genuity Group cut their price objective on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, Susquehanna reduced their price objective on SolarEdge Technologies from $36.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Four research analysts have rated the stock with a sell rating, twenty-six have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $51.62.

SolarEdge Technologies Stock Down 8.0 %

The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -4.19 and a beta of 1.56. The firm’s 50-day moving average is $25.51 and its 200 day moving average is $45.54. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The firm had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. SolarEdge Technologies’s revenue was down 73.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.06 EPS. Sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -8.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. raised its holdings in shares of SolarEdge Technologies by 374.4% during the 4th quarter. Victory Capital Management Inc. now owns 9,161 shares of the semiconductor company’s stock valued at $857,000 after buying an additional 7,230 shares during the period. Amalgamated Bank boosted its stake in shares of SolarEdge Technologies by 83.2% in the fourth quarter. Amalgamated Bank now owns 16,249 shares of the semiconductor company’s stock valued at $1,521,000 after purchasing an additional 7,381 shares during the period. M&T Bank Corp acquired a new stake in SolarEdge Technologies during the 4th quarter valued at $227,000. Jump Financial LLC increased its stake in SolarEdge Technologies by 229.4% during the 4th quarter. Jump Financial LLC now owns 10,684 shares of the semiconductor company’s stock worth $1,000,000 after buying an additional 7,441 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in SolarEdge Technologies by 371.3% in the 4th quarter. Principal Financial Group Inc. now owns 288,935 shares of the semiconductor company’s stock worth $27,044,000 after buying an additional 227,634 shares in the last quarter. Hedge funds and other institutional investors own 95.10% of the company’s stock.

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.