SolarEdge Technologies (NASDAQ:SEDG) Sets New 52-Week Low After Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares hit a new 52-week low during mid-day trading on Monday after B. Riley lowered their price target on the stock from $133.00 to $124.00. B. Riley currently has a buy rating on the stock. SolarEdge Technologies traded as low as $54.01 and last traded at $54.15, with a volume of 725072 shares traded. The stock had previously closed at $55.80.

SEDG has been the topic of several other research reports. Scotiabank lowered their price objective on shares of SolarEdge Technologies from $93.00 to $90.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 21st. Truist Financial dropped their target price on shares of SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Thursday, February 22nd. TD Cowen dropped their target price on shares of SolarEdge Technologies from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 21st. Canaccord Genuity Group assumed coverage on shares of SolarEdge Technologies in a research report on Tuesday, January 16th. They issued a “hold” rating and a $80.00 target price on the stock. Finally, Janney Montgomery Scott downgraded shares of SolarEdge Technologies from a “buy” rating to a “neutral” rating in a research report on Friday, March 22nd. Four equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, SolarEdge Technologies presently has a consensus rating of “Hold” and a consensus target price of $98.38.

Insiders Place Their Bets

In other news, Director More Avery acquired 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average cost of $67.75 per share, with a total value of $474,250.00. Following the acquisition, the director now owns 77,446 shares in the company, valued at $5,246,966.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.17% of the company’s stock.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in SEDG. New Mexico Educational Retirement Board acquired a new stake in shares of SolarEdge Technologies during the 1st quarter worth about $220,000. Altfest L J & Co. Inc. grew its holdings in SolarEdge Technologies by 24.6% during the 1st quarter. Altfest L J & Co. Inc. now owns 5,056 shares of the semiconductor company’s stock worth $359,000 after acquiring an additional 998 shares during the last quarter. Albion Financial Group UT grew its holdings in SolarEdge Technologies by 32.2% during the 1st quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock worth $278,000 after acquiring an additional 955 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in SolarEdge Technologies by 120.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after acquiring an additional 610 shares during the last quarter. Finally, Brookstone Capital Management bought a new stake in SolarEdge Technologies during the 1st quarter worth about $350,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Trading Up 4.1 %

The business’s fifty day simple moving average is $68.43 and its 200 day simple moving average is $78.27. The company has a current ratio of 3.70, a quick ratio of 2.08 and a debt-to-equity ratio of 0.28. The stock has a market cap of $3.24 billion, a P/E ratio of 126.16 and a beta of 1.51.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Tuesday, February 20th. The semiconductor company reported ($1.41) EPS for the quarter, topping analysts’ consensus estimates of ($2.01) by $0.60. SolarEdge Technologies had a net margin of 1.15% and a return on equity of 5.00%. The firm had revenue of $316.04 million for the quarter, compared to analyst estimates of $319.97 million. As a group, analysts expect that SolarEdge Technologies, Inc. will post -4.11 EPS for the current year.

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.