SolarEdge Technologies (NASDAQ:SEDG) Downgraded by Jefferies Financial Group to Underperform

SolarEdge Technologies (NASDAQ:SEDG) was downgraded by investment analysts at Jefferies Financial Group from a “hold” rating to an “underperform” rating in a research note issued on Tuesday, FinViz reports. They currently have a $17.00 target price on the semiconductor company’s stock, down from their previous target price of $27.00. Jefferies Financial Group’s price target suggests a potential downside of 22.55% from the company’s previous close.

Other analysts also recently issued research reports about the company. William Blair started coverage on SolarEdge Technologies in a research note on Thursday, August 29th. They issued a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Susquehanna cut their price target on shares of SolarEdge Technologies from $36.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Piper Sandler reduced their price objective on shares of SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Finally, Royal Bank of Canada dropped their target price on shares of SolarEdge Technologies from $37.00 to $35.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Five analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $51.23.

SolarEdge Technologies Stock Up 11.4 %

SolarEdge Technologies stock opened at $21.95 on Tuesday. SolarEdge Technologies has a 52 week low of $17.12 and a 52 week high of $141.70. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -4.72 and a beta of 1.56. The company’s 50-day moving average price is $24.89 and its two-hundred day moving average price is $43.81. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The company had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same quarter last year, the business earned $2.06 earnings per share. The company’s revenue was down 73.2% on a year-over-year basis. On average, analysts expect that SolarEdge Technologies will post -8.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its stake in shares of SolarEdge Technologies by 374.4% during the 4th quarter. Victory Capital Management Inc. now owns 9,161 shares of the semiconductor company’s stock valued at $857,000 after buying an additional 7,230 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in SolarEdge Technologies by 18.7% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 2,955 shares of the semiconductor company’s stock valued at $277,000 after purchasing an additional 465 shares in the last quarter. Norges Bank acquired a new position in SolarEdge Technologies in the 4th quarter worth about $39,547,000. PNC Financial Services Group Inc. raised its stake in shares of SolarEdge Technologies by 41.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 15,059 shares of the semiconductor company’s stock worth $1,410,000 after purchasing an additional 4,413 shares in the last quarter. Finally, Coldstream Capital Management Inc. acquired a new stake in shares of SolarEdge Technologies during the 4th quarter valued at about $222,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.