SolarEdge Technologies (NASDAQ:SEDG) Sets New 1-Year Low – Here’s What Happened

SolarEdge Technologies, Inc. (NASDAQ:SEDG – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $25.05 and last traded at $25.2710, with a volume of 262,396 shares trading hands. The stock had previously closed at $26.67.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Morgan Stanley decreased their target price on SolarEdge Technologies from $35.00 to $33.00 and set an “equal weight” rating for the company in a research report on Friday, September 11th. Citigroup cut their price target on shares of SolarEdge Technologies from $30.00 to $24.00 and set a “sell” rating on the stock in a report on Thursday, November 5th. Royal Bank Of Canada cut their price target on shares of SolarEdge Technologies from $30.00 to $25.00 and set a “sector perform” rating on the stock in a report on Friday, November 6th. TD Cowen reduced their price target on shares of SolarEdge Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Finally, UBS Group upgraded shares of SolarEdge Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $36.00 to $42.00 in a report on Wednesday, August 26th. Two equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, SolarEdge Technologies currently has a consensus rating of “Reduce” and an average target price of $36.93.

Read Our Latest Stock Report on SEDG

SolarEdge Technologies Stock Down 5.9%

The stock’s 50 day moving average is $32.34 and its 200 day moving average is $42.01. The company has a market capitalization of $1.55 billion, a PE ratio of -6.57 and a beta of 1.31. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.40 and a current ratio of 2.12.

SolarEdge Technologies (NASDAQ:SEDG – Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The semiconductor company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.25. SolarEdge Technologies had a negative net margin of 17.34% and a negative return on equity of 19.80%. The business had revenue of $325.40 million during the quarter, compared to analyst estimates of $326.78 million. During the same period in the previous year, the business earned ($0.31) EPS. SolarEdge Technologies’s revenue was down 4.2% compared to the same quarter last year. On average, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently made changes to their positions in SEDG. Resona Asset Management Co. Ltd. grew its position in shares of SolarEdge Technologies by 96.3% in the third quarter. Resona Asset Management Co. Ltd. now owns 14,555 shares of the semiconductor company’s stock valued at $459,000 after purchasing an additional 7,139 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in SolarEdge Technologies during the 3rd quarter worth about $32,000. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD lifted its holdings in SolarEdge Technologies by 59.2% during the 3rd quarter. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD now owns 886,085 shares of the semiconductor company’s stock worth $28,240,000 after purchasing an additional 329,500 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in SolarEdge Technologies by 59.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,693,340 shares of the semiconductor company’s stock worth $85,836,000 after purchasing an additional 1,002,000 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in SolarEdge Technologies by 2.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 247,787 shares of the semiconductor company’s stock worth $7,897,000 after purchasing an additional 7,092 shares during the period. 95.10% of the stock is owned by institutional investors.

SolarEdge Technologies Company Profile

(Get Free Report)

SolarEdge Technologies develops smart energy technologies for residential, commercial and utility-scale applications. Founded in 2006, the company is known for its DC-optimized inverter system, which combines power optimizers with inverters to help manage solar energy production at the panel level. Its product portfolio includes solar inverters and power optimizers, energy storage systems, monitoring and energy-management software, electric-vehicle charging equipment and related services. These offerings are designed to support the generation, storage and use of electricity from solar and other energy sources.

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