SolarEdge Technologies, Inc. (NASDAQ:SEDG) Given Average Recommendation of “Reduce” by Analysts

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) have earned an average recommendation of “Reduce” from the twenty-nine brokerages that are currently covering the firm, MarketBeat.com reports. Seven analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $22.40.

A number of brokerages have issued reports on SEDG. Truist Financial lowered their price objective on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a research note on Friday, November 8th. Mizuho lowered SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $35.00 to $11.00 in a research report on Thursday, November 7th. Susquehanna reduced their price objective on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. StockNews.com upgraded shares of SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. Finally, Jefferies Financial Group downgraded shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and reduced their price target for the company from $27.00 to $17.00 in a research report on Tuesday, September 17th.

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery purchased 156,000 shares of the stock in a transaction on Monday, November 11th. The shares were acquired at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SEDG. Yelin Lapidot Holdings Management Ltd. raised its holdings in SolarEdge Technologies by 5.1% during the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after acquiring an additional 564 shares during the period. Louisiana State Employees Retirement System grew its position in shares of SolarEdge Technologies by 2.5% during the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock worth $727,000 after purchasing an additional 700 shares in the last quarter. Bank Hapoalim BM raised its stake in SolarEdge Technologies by 2.5% during the 3rd quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after purchasing an additional 812 shares during the period. International Assets Investment Management LLC purchased a new position in SolarEdge Technologies in the 2nd quarter worth approximately $28,000. Finally, The Manufacturers Life Insurance Company boosted its stake in SolarEdge Technologies by 5.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock worth $534,000 after purchasing an additional 1,175 shares during the period. Hedge funds and other institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Price Performance

SEDG opened at $13.84 on Friday. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $103.15. The company has a market cap of $802.03 million, a price-to-earnings ratio of -0.48 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The stock has a fifty day simple moving average of $14.89 and a two-hundred day simple moving average of $22.85.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The business had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company’s revenue was down 64.0% on a year-over-year basis. During the same period last year, the business earned ($1.03) earnings per share. Research analysts predict that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal year.

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.