SolarEdge Technologies (NASDAQ:SEDG) Earns Underweight Rating from Morgan Stanley

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “underweight” rating restated by equities researchers at Morgan Stanley in a research report issued to clients and investors on Friday, Marketbeat.com reports. They currently have a $9.00 target price on the semiconductor company’s stock, down from their prior target price of $23.00. Morgan Stanley’s price target would suggest a potential downside of 29.85% from the company’s current price.

Other analysts have also issued research reports about the company. Guggenheim cut SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price objective on the stock. in a research note on Thursday, October 17th. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $9.00 in a report on Thursday, November 7th. Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $21.00 to $14.00 in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft cut their target price on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. Finally, Mizuho downgraded shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $35.00 to $11.00 in a research note on Thursday, November 7th. Ten equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, SolarEdge Technologies presently has a consensus rating of “Hold” and a consensus price target of $23.21.

SolarEdge Technologies Stock Up 6.0 %

Shares of NASDAQ SEDG opened at $12.83 on Friday. 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 business’s 50 day moving average is $18.37 and its two-hundred day moving average is $29.65. SolarEdge Technologies has a 52-week low of $11.02 and a 52-week high of $103.15. The firm has a market cap of $743.50 million, a price-to-earnings ratio of -0.44 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $272.80 million. During the same quarter in the prior year, the firm posted ($1.03) EPS. SolarEdge Technologies’s quarterly revenue was down 64.0% compared to the same quarter last year. Research analysts predict that SolarEdge Technologies will post -17.69 EPS for the current year.

Insider Activity

In other news, Chairman More Avery purchased 156,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. The trade was a 176.32 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new position in SolarEdge Technologies during the second quarter worth $28,000. EntryPoint Capital LLC acquired a new position in shares of SolarEdge Technologies during the 1st quarter worth $64,000. KBC Group NV increased its holdings in shares of SolarEdge Technologies by 95.8% in the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after purchasing an additional 1,378 shares in the last quarter. First Pacific Financial increased its holdings in shares of SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 1,805 shares in the last quarter. Finally, US Bancorp DE lifted its stake in shares of SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after purchasing an additional 4,834 shares during the period. Institutional investors and hedge funds 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.