SolarEdge Technologies (NASDAQ:SEDG) Given “Sell” Rating at Citigroup

Citigroup reiterated their sell rating on shares of SolarEdge Technologies (NASDAQ:SEDG) in a research report released on Wednesday, Marketbeat Ratings reports. They currently have a $9.00 price target on the semiconductor company’s stock, down from their previous price target of $12.00.

Several other analysts also recently commented on the company. Wells Fargo & Company upped their price objective on SolarEdge Technologies from $15.00 to $19.00 and gave the company an “equal weight” rating in a research note on Tuesday. Susquehanna cut their price target on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Guggenheim upgraded shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Glj Research upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. Finally, Piper Sandler cut shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. Eight analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and a consensus target price of $21.16.

SolarEdge Technologies Stock Performance

Shares of SEDG opened at $14.99 on Wednesday. The company’s 50 day simple moving average is $14.09 and its 200-day simple moving average is $19.92. The firm has a market cap of $868.67 million, a PE ratio of -0.52 and a beta of 1.56. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $87.98. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last issued 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). The business had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. During the same period in the previous year, the business posted ($1.03) earnings per share. The company’s revenue for the quarter was down 64.0% on a year-over-year basis. As a group, equities analysts predict that SolarEdge Technologies will post -19.18 EPS for the current year.

Insider Buying and Selling at SolarEdge Technologies

In related news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies 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 transaction, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. KBC Group NV boosted its holdings in shares of SolarEdge Technologies by 95.8% during the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after purchasing an additional 1,378 shares during the last quarter. GAMMA Investing LLC lifted its position in SolarEdge Technologies by 655.2% during the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after buying an additional 4,567 shares during the period. US Bancorp DE boosted its stake in SolarEdge Technologies by 243.6% in the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after buying an additional 4,834 shares during the last quarter. GFG Capital LLC purchased a new stake in SolarEdge Technologies in the 3rd quarter valued at about $229,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of SolarEdge Technologies during the 3rd quarter valued at about $278,000. 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.