SolarEdge Technologies (NASDAQ:SEDG) Cut to Neutral at Mizuho

SolarEdge Technologies (NASDAQ:SEDG) was downgraded by equities researchers at Mizuho from an “outperform” rating to a “neutral” rating in a research note issued to investors on Thursday, Briefing.com reports. They presently have a $11.00 price target on the semiconductor company’s stock, down from their previous price target of $35.00. Mizuho’s price target indicates a potential downside of 17.60% from the stock’s current price.

Several other brokerages have also recently commented on SEDG. Barclays decreased their price objective on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating for the company in a research note on Friday, October 11th. Roth Mkm cut their target price on shares of SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, October 21st. Royal Bank of Canada cut their target price on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a report on Tuesday, October 15th. William Blair started coverage on shares of SolarEdge Technologies in a report on Thursday, August 29th. They set a “market perform” rating for the company. Finally, Bank of America lowered shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and cut their target price for the company from $21.00 to $14.00 in a report on Thursday. Nine research analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $25.78.

SolarEdge Technologies Stock Down 9.1 %

SEDG stock opened at $13.35 on Thursday. The firm has a 50 day moving average of $19.54 and a 200 day moving average of $31.29. The stock has a market capitalization of $764.96 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 has a 52 week low of $12.38 and a 52 week high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The company had revenue of $265.41 million during 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 firm’s revenue for the quarter was down 73.2% on a year-over-year basis. During the same quarter last year, the business earned $2.06 earnings per share. Sell-side analysts forecast that SolarEdge Technologies will post -8.85 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Swedbank AB acquired a new position in SolarEdge Technologies in the first quarter valued at about $261,312,000. Vanguard Group Inc. lifted its position in SolarEdge Technologies by 2.8% in the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after buying an additional 62,942 shares during the last quarter. Quarry LP acquired a new position in SolarEdge Technologies in the second quarter valued at about $36,627,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in SolarEdge Technologies by 0.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock valued at $25,531,000 after buying an additional 2,795 shares during the last quarter. Finally, M&G PLC lifted its position in SolarEdge Technologies by 4.2% in the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock valued at $21,452,000 after buying an additional 38,001 shares during the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

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.