SolarEdge Technologies’ (SEDG) “Sell” Rating Reiterated at Citigroup

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “sell” rating reaffirmed by stock analysts at Citigroup in a report issued on Wednesday,Benzinga reports. They presently have a $9.00 target price on the semiconductor company’s stock, down from their previous target price of $12.00. Citigroup’s target price would indicate a potential downside of 48.83% from the stock’s previous close.

A number of other research analysts have also recently issued reports on SEDG. Royal Bank of Canada decreased their target price on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 15th. Morgan Stanley reaffirmed an “underweight” rating and issued a $9.00 price objective (down from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. Glj Research raised SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. Canaccord Genuity Group upped their price objective on SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, The Goldman Sachs Group lifted their target price on SolarEdge Technologies from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday. 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. According to data from MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and a consensus target price of $21.32.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock opened at $17.59 on Wednesday. The firm has a market capitalization of $1.02 billion, a P/E ratio of -0.61 and a beta of 1.56. The business has a 50-day moving average of $14.13 and a 200-day moving average of $19.95. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. SolarEdge Technologies has a 1 year low of $10.24 and a 1 year high of $87.98.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. During the same quarter last year, the business posted ($1.03) earnings per share. The company’s revenue for the quarter was down 64.0% on a year-over-year basis. On average, equities analysts anticipate that SolarEdge Technologies will post -19.18 EPS for the current year.

Insider Activity

In other SolarEdge Technologies news, Chairman More Avery purchased 156,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Bank Hapoalim BM lifted its position in shares of SolarEdge Technologies by 2.5% during the 3rd quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after acquiring an additional 812 shares during the period. The Manufacturers Life Insurance Company grew its stake in SolarEdge Technologies by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock worth $534,000 after buying an additional 1,175 shares in the last quarter. KBC Group NV raised its position in shares of SolarEdge Technologies by 95.8% in the 3rd 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 in the last quarter. ProShare Advisors LLC lifted its holdings in shares of SolarEdge Technologies by 15.6% during the 2nd quarter. ProShare Advisors LLC now owns 11,599 shares of the semiconductor company’s stock worth $293,000 after acquiring an additional 1,569 shares during the period. Finally, Ensign Peak Advisors Inc boosted its position in shares of SolarEdge Technologies by 10.5% during the 2nd quarter. Ensign Peak Advisors Inc now owns 18,491 shares of the semiconductor company’s stock worth $467,000 after acquiring an additional 1,750 shares in the last quarter. 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.