SolarEdge Technologies (NASDAQ:SEDG) Sets New 12-Month Low – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $10.32 and last traded at $10.36, with a volume of 2448315 shares. The stock had previously closed at $10.85.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Glj Research downgraded shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, October 8th. Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $17.00 to $9.00 in a research report on Thursday, November 7th. JPMorgan Chase & Co. decreased their target price on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Guggenheim downgraded shares of 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. Finally, Truist Financial decreased their price objective on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a report on Friday, November 8th. Ten research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.79.

SolarEdge Technologies Stock Down 3.5 %

The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The firm’s 50-day moving average is $18.05 and its 200 day moving average is $28.56.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $272.80 million. During the same quarter in the previous year, the company earned ($1.03) earnings per share. The company’s quarterly revenue was down 64.0% on a year-over-year basis. Research analysts anticipate that SolarEdge Technologies, Inc. will post -17.69 EPS for the current year.

Insider Activity

In related news, Chairman More Avery purchased 156,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was purchased at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now owns 244,478 shares in the company, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On SolarEdge Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Swedbank AB acquired a new position in SolarEdge Technologies during the 1st quarter worth approximately $261,312,000. Vanguard Group Inc. raised its stake in shares of SolarEdge Technologies by 2.8% during the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after purchasing an additional 62,942 shares during the period. Quarry LP acquired a new position in shares of SolarEdge Technologies during the second quarter worth $36,627,000. Two Sigma Advisers LP boosted its stake in shares of SolarEdge Technologies by 0.3% in the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock valued at $26,166,000 after purchasing an additional 3,400 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. grew its holdings in SolarEdge Technologies by 0.3% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock valued at $25,531,000 after purchasing an additional 2,795 shares in the last quarter. Hedge funds and other institutional investors 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.