SolarEdge Technologies (NASDAQ:SEDG) Cut to “Underperform” at Bank of America

SolarEdge Technologies (NASDAQ:SEDG) was downgraded by analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Thursday, Marketbeat reports. They presently have a $14.00 target price on the semiconductor company’s stock, down from their prior target price of $21.00. Bank of America‘s price target indicates a potential upside of 3.47% from the stock’s current price.

Several other research firms have also recently issued reports on SEDG. Scotiabank lowered their price objective on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Guggenheim downgraded SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a report on Thursday, October 17th. Roth Mkm cut their price objective on shares of SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, October 21st. DZ Bank cut shares of SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 target price for the company. in a report on Wednesday, July 17th. Finally, Barclays cut their price target on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating on the stock in a research note on Friday, October 11th. Nine equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $23.79.

SolarEdge Technologies Stock Down 9.1 %

Shares of SolarEdge Technologies stock opened at $13.53 on Thursday. SolarEdge Technologies has a 52-week low of $12.38 and a 52-week high of $103.15. The company has a 50 day moving average of $19.12 and a 200 day moving average of $30.89. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $775.27 million, a P/E ratio of -0.47 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 56.32% and a negative net margin of 158.19%. The firm had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. During the same quarter in the previous year, the firm posted $2.06 EPS. The business’s revenue for the quarter was down 73.2% on a year-over-year basis. As a group, research analysts forecast that SolarEdge Technologies will post -8.85 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in SEDG. International Assets Investment Management LLC purchased a new stake in shares of SolarEdge Technologies in the second quarter valued at approximately $28,000. EntryPoint Capital LLC acquired a new stake in SolarEdge Technologies in the first quarter valued at $64,000. KBC Group NV boosted its position in shares of SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after purchasing an additional 1,378 shares in the last quarter. First Pacific Financial grew its stake in shares of SolarEdge Technologies by 53.0% during the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after purchasing an additional 1,805 shares during the period. Finally, US Bancorp DE increased its holdings in shares of SolarEdge Technologies by 243.6% in 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 in the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Company Profile

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.