SolarEdge Technologies’ (SEDG) Sell Rating Reiterated at Citigroup

Citigroup reiterated their sell rating on shares of SolarEdge Technologies (NASDAQ:SEDG) in a report issued on Wednesday, MarketBeat reports. The firm currently has a $9.00 price target on the semiconductor company’s stock, down from their prior price target of $12.00.

Several other brokerages have also recently commented on SEDG. Barclays reduced their price objective on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. Wells Fargo & Company boosted their price target on shares of SolarEdge Technologies from $15.00 to $19.00 and gave the company an “equal weight” rating in a research report on Tuesday. TD Cowen lowered their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, November 7th. Truist Financial reduced their target price on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a research report on Friday, November 8th. Finally, StockNews.com upgraded SolarEdge Technologies to a “sell” rating in a research note on Friday, November 8th. Eight research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, SolarEdge Technologies presently has a consensus rating of “Hold” and an average target price of $21.16.

SolarEdge Technologies Trading Down 1.9 %

Shares of SEDG stock opened at $14.71 on Wednesday. The stock has a market capitalization of $852.44 million, a price-to-earnings ratio of -0.51 and a beta of 1.56. The company’s fifty day simple moving average is $14.05 and its two-hundred day simple moving average is $19.88. SolarEdge Technologies has a 1 year low of $10.24 and a 1 year high of $87.98. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data 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 company had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.03) earnings per share. As a group, analysts anticipate that SolarEdge Technologies will post -19.18 earnings per share for the current year.

Insider Buying and Selling

In other SolarEdge Technologies news, Chairman More Avery bought 156,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, 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 transaction was disclosed in a filing with the SEC, which is available at this link. 0.67% of the stock is owned by insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. KBC Group NV increased its stake 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 valued at $65,000 after buying an additional 1,378 shares during the period. GAMMA Investing LLC increased its position in SolarEdge Technologies by 655.2% during the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock valued at $72,000 after purchasing an additional 4,567 shares during the period. US Bancorp DE increased its position in SolarEdge Technologies by 243.6% during the 3rd 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. GFG Capital LLC bought a new position in SolarEdge Technologies in the 3rd quarter worth $229,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of SolarEdge Technologies in the 3rd quarter worth about $278,000. Hedge funds and other institutional investors 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.