Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG – Get Free Report) dropped 10% on Monday . The stock traded as low as $56.08 and last traded at $55.60. Approximately 1,953,586 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 3,611,369 shares. The stock had previously closed at $61.76.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the stock. Barclays boosted their price target on shares of SolarEdge Technologies from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 8th. Citigroup lowered their price target on shares of SolarEdge Technologies from $30.00 to $27.00 and set a “sell” rating on the stock in a research report on Thursday, May 7th. JPMorgan Chase & Co. upped their price objective on shares of SolarEdge Technologies from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of SolarEdge Technologies from $42.00 to $39.00 and set a “hold” rating for the company in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued a $31.00 target price (down from $36.00) on shares of SolarEdge Technologies in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Buy rating, sixteen have assigned a Hold rating and seven have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $30.40.
Read Our Latest Analysis on SolarEdge Technologies
SolarEdge Technologies Trading Down 11.9%
SolarEdge Technologies (NASDAQ:SEDG – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.20). The firm had revenue of $309.90 million during the quarter, compared to analysts’ expectations of $305.49 million. SolarEdge Technologies had a negative net margin of 28.56% and a negative return on equity of 38.66%. The business’s quarterly revenue was up 41.5% on a year-over-year basis. During the same period in the previous year, the company earned ($1.14) earnings per share. As a group, equities analysts predict that SolarEdge Technologies, Inc. will post -0.95 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other SolarEdge Technologies news, Chairman More Avery sold 2,566 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $38.76, for a total value of $99,458.16. Following the completion of the transaction, the chairman directly owned 295,379 shares of the company’s stock, valued at $11,448,890.04. This represents a 0.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.71% of the stock is currently owned by insiders.
Hedge Funds Weigh In On SolarEdge Technologies
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. SummitTX Capital L.P. purchased a new position in SolarEdge Technologies in the 1st quarter valued at about $272,000. Caxton Associates LLP bought a new position in shares of SolarEdge Technologies during the first quarter worth about $3,632,000. Inceptionr LLC bought a new position in shares of SolarEdge Technologies during the first quarter worth about $248,000. State of Wyoming lifted its position in shares of SolarEdge Technologies by 32.9% during the first quarter. State of Wyoming now owns 1,237 shares of the semiconductor company’s stock worth $63,000 after purchasing an additional 306 shares during the last quarter. Finally, Cetera Investment Advisers bought a new position in shares of SolarEdge Technologies during the first quarter worth about $289,000. 95.10% of the stock is owned by hedge funds and other institutional investors.
SolarEdge Technologies Company Profile
SolarEdge Technologies (NASDAQ: SEDG) is a global provider of solar energy solutions focused on optimizing photovoltaic (PV) power generation. The company’s core offerings include power optimizers, inverters and cloud-based monitoring platforms designed to maximize energy output and improve safety across residential, commercial and utility-scale installations. By coupling module-level electronics with centralized inverters, SolarEdge’s technology enables real-time performance monitoring and rapid fault detection to enhance system reliability.
In recent years, SolarEdge has expanded its product portfolio beyond solar PV to include energy storage systems, electric vehicle (EV) charging solutions and smart energy management tools.
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