Zacks Investment Research downgraded shares of Solaredge Technologies (NASDAQ:SEDG) from a hold rating to a sell rating in a report issued on Friday.

According to Zacks, “SolarEdge Technologies, Inc. provides inverter solution. The company’s SolarEdge system offers power optimizers, inverters and a cloud-based monitoring platform. It serves residential solar installations to commercial and small utility-scale solar installations. SolarEdge Technologies, Inc. is headquartered in Hod Hasharon, Israel. “

Several other research analysts have also issued reports on the company. JPMorgan Chase & Co. set a $63.00 price target on Solaredge Technologies and gave the stock a buy rating in a research report on Wednesday, September 19th. BidaskClub lowered Solaredge Technologies from a sell rating to a strong sell rating in a research report on Saturday, September 29th. Vertical Group set a $29.00 price target on Solaredge Technologies and gave the stock a sell rating in a research report on Wednesday, October 24th. Roth Capital reduced their price target on Solaredge Technologies from $60.00 to $50.00 and set a buy rating on the stock in a research report on Friday, November 30th. Finally, ValuEngine lowered Solaredge Technologies from a hold rating to a sell rating in a research report on Friday, November 2nd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $54.17.

Shares of NASDAQ:SEDG traded up $0.41 during midday trading on Friday, hitting $36.40. The company had a trading volume of 769,917 shares, compared to its average volume of 836,775. Solaredge Technologies has a 12 month low of $30.80 and a 12 month high of $70.74. The firm has a market capitalization of $1.62 billion, a P/E ratio of 16.18, a P/E/G ratio of 0.57 and a beta of -0.08.

Solaredge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Thursday, November 1st. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.04. Solaredge Technologies had a return on equity of 33.12% and a net margin of 15.69%. The business had revenue of $236.60 million for the quarter, compared to analyst estimates of $234.19 million. During the same period last year, the company earned $0.66 EPS. The firm’s revenue was up 42.1% on a year-over-year basis. On average, sell-side analysts predict that Solaredge Technologies will post 2.73 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. Rehmann Capital Advisory Group lifted its holdings in Solaredge Technologies by 298.2% during the third quarter. Rehmann Capital Advisory Group now owns 661 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 495 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Solaredge Technologies by 3.8% during the fourth quarter. State of Alaska Department of Revenue now owns 14,378 shares of the semiconductor company’s stock worth $504,000 after acquiring an additional 530 shares in the last quarter. Comerica Bank lifted its holdings in Solaredge Technologies by 3.5% during the third quarter. Comerica Bank now owns 40,011 shares of the semiconductor company’s stock worth $1,594,000 after acquiring an additional 1,360 shares in the last quarter. United Services Automobile Association lifted its holdings in Solaredge Technologies by 20.2% during the second quarter. United Services Automobile Association now owns 8,378 shares of the semiconductor company’s stock worth $401,000 after acquiring an additional 1,408 shares in the last quarter. Finally, M Holdings Securities Inc. lifted its holdings in Solaredge Technologies by 31.4% during the third quarter. M Holdings Securities Inc. now owns 6,411 shares of the semiconductor company’s stock worth $241,000 after acquiring an additional 1,532 shares in the last quarter. Hedge funds and other institutional investors own 79.46% of the company’s stock.

Solaredge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in Israel, the United States, the Netherlands, Europe, and internationally. The company's DC optimized inverter systems include power optimizers and inverters, as well as a cloud-based monitoring platform.

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