Mizuho downgraded shares of SolarEdge Technologies (NASDAQ:SEDG – Free Report) from an outperform rating to a neutral rating in a research note issued to investors on Thursday, Marketbeat.com reports. They currently have $11.00 price objective on the semiconductor company’s stock, down from their previous price objective of $35.00.
A number of other brokerages have also recently commented on SEDG. BMO Capital Markets cut their price target on shares of SolarEdge Technologies from $24.00 to $21.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Guggenheim downgraded SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 target price for the company. in a research report on Thursday, October 17th. Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $21.00 to $14.00 in a research report on Thursday. Roth Mkm cut their price objective on SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, October 21st. Finally, Royal Bank of Canada reduced their target price on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 15th. Nine analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.79.
Read Our Latest Report on SEDG
SolarEdge Technologies Price Performance
SolarEdge Technologies (NASDAQ:SEDG – Get Free Report) last issued 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). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 56.32%. The firm had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. During the same quarter in the previous year, the company posted $2.06 earnings per share. The business’s revenue for the quarter was down 73.2% compared to the same quarter last year. Analysts expect that SolarEdge Technologies will post -8.85 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in SEDG. Meitav Investment House Ltd. lifted its stake in SolarEdge Technologies by 9.6% in the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after buying an additional 51,065 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of SolarEdge Technologies in the 3rd quarter valued at approximately $1,495,000. E. Ohman J or Asset Management AB boosted its stake in SolarEdge Technologies by 109.3% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company’s stock worth $8,559,000 after acquiring an additional 195,085 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in SolarEdge Technologies by 56.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 309,623 shares of the semiconductor company’s stock worth $7,093,000 after acquiring an additional 111,944 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C acquired a new position in SolarEdge Technologies during the second quarter valued at approximately $678,000. 95.10% of the stock is currently owned by institutional investors.
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.
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