SolarEdge Technologies (NASDAQ:SEDG) Trading Down 5.5% – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG) dropped 5.5% during trading on Friday . The stock traded as low as $34.17 and last traded at $34.0220. 582,723 shares traded hands during trading, a decline of 83% from the average session volume of 3,463,579 shares. The stock had previously closed at $36.00.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Susquehanna cut their price target on shares of SolarEdge Technologies from $56.00 to $38.00 and set a “neutral” rating for the company in a report on Thursday, August 6th. Royal Bank Of Canada raised their price objective on shares of SolarEdge Technologies from $24.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday, September 11th. UBS Group raised shares of SolarEdge Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the company from $36.00 to $42.00 in a research note on Wednesday, August 26th. JPMorgan Chase & Co. raised their price target on shares of SolarEdge Technologies from $37.00 to $44.00 and gave the stock a “neutral” rating in a research note on Friday, September 11th. Finally, Wells Fargo & Company initiated coverage on shares of SolarEdge Technologies in a report on Monday, June 29th. They set an “equal weight” rating and a $36.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $39.00.

SolarEdge Technologies Price Performance

The company has a market capitalization of $2.09 billion, a PE ratio of -7.55 and a beta of 1.44. The company has a current ratio of 2.03, a quick ratio of 1.38 and a debt-to-equity ratio of 0.85. The company’s 50 day moving average price is $38.31 and its 200-day moving average price is $46.23.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.07. The company had revenue of $346.20 million during the quarter, compared to analyst estimates of $341.15 million. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%.The firm’s revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.81) earnings per share. On average, sell-side analysts forecast that SolarEdge Technologies, Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SEDG. Legal & General Group Plc acquired a new stake in SolarEdge Technologies during the 2nd quarter valued at approximately $76,095,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in SolarEdge Technologies in the second quarter worth $55,514,000. Meitav Investment House Ltd. boosted its holdings in SolarEdge Technologies by 541.6% in the first quarter. Meitav Investment House Ltd. now owns 1,017,551 shares of the semiconductor company’s stock worth $51,946,000 after purchasing an additional 858,954 shares during the period. ING Groep NV bought a new stake in SolarEdge Technologies during the fourth quarter valued at $13,848,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of SolarEdge Technologies during the first quarter worth $17,009,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

About SolarEdge Technologies

SolarEdge Technologies, Inc develops smart energy technology for solar power generation, energy storage and energy management. The company is best known for its DC-optimized inverter system, which uses power optimizers attached to individual solar modules to improve energy harvesting and provide module-level monitoring. Its platform is designed to support residential, commercial and utility-scale photovoltaic installations.

The company’s product portfolio includes power optimizers, inverters, monitoring and management software, batteries and energy storage systems, and related solutions for backup power and electric vehicle charging.