SolarEdge Technologies (NASDAQ:SEDG) Cut to Strong Sell at Northland Capmk

Northland Capmk downgraded shares of SolarEdge Technologies (NASDAQ:SEDG) from a hold rating to a strong sell rating in a report issued on Friday morning,Zacks.com reports.

SEDG has been the topic of several other research reports. Wells Fargo & Company dropped their target price on SolarEdge Technologies from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 7th. Susquehanna dropped their target price on SolarEdge Technologies from $17.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Morgan Stanley reissued an “underweight” rating and set a $10.00 price target on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Piper Sandler boosted their price target on SolarEdge Technologies from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th. Finally, Roth Mkm boosted their price target on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, February 21st. Twelve analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, SolarEdge Technologies presently has a consensus rating of “Hold” and an average target price of $16.44.

SolarEdge Technologies Stock Performance

NASDAQ SEDG opened at $22.02 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. SolarEdge Technologies has a 52-week low of $10.24 and a 52-week high of $53.58. The business’s 50-day moving average price is $15.06 and its 200 day moving average price is $14.75. The firm has a market cap of $1.30 billion, a P/E ratio of -0.71 and a beta of 1.50.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.26) by $0.12. SolarEdge Technologies had a negative return on equity of 95.05% and a negative net margin of 192.13%. The company had revenue of $219.48 million for the quarter, compared to analysts’ expectations of $205.39 million. During the same quarter in the previous year, the firm posted ($1.90) EPS. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. On average, equities research analysts expect that SolarEdge Technologies will post -4.54 earnings per share for the current year.

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery acquired 30,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average cost of $13.70 per share, for a total transaction of $411,000.00. Following the acquisition, the chairman now directly owns 274,478 shares in the company, valued at approximately $3,760,348.60. This represents a 12.27% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.67% of the stock is currently owned by insiders.

Institutional Trading of SolarEdge Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in shares of SolarEdge Technologies by 14.9% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company’s stock worth $67,370,000 after buying an additional 641,915 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of SolarEdge Technologies by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 3,028,018 shares of the semiconductor company’s stock worth $48,993,000 after buying an additional 126,246 shares during the last quarter. Invesco Ltd. increased its holdings in shares of SolarEdge Technologies by 5.0% during the 4th quarter. Invesco Ltd. now owns 2,445,164 shares of the semiconductor company’s stock worth $33,254,000 after buying an additional 116,809 shares during the last quarter. Ion Asset Management Ltd. increased its holdings in shares of SolarEdge Technologies by 135.9% during the 1st quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company’s stock worth $33,695,000 after buying an additional 1,199,801 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of SolarEdge Technologies during the 4th quarter worth $17,909,000. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.