SolarEdge Technologies (NASDAQ:SEDG) Downgraded to “Underperform” Rating by Bank of America

Bank of America cut shares of SolarEdge Technologies (NASDAQ:SEDG) from a neutral rating to an underperform rating in a research note published on Thursday morning, Marketbeat.com reports. Bank of America currently has $14.00 price target on the semiconductor company’s stock, down from their previous price target of $21.00.

A number of other equities research analysts have also issued reports on the stock. TD Cowen restated a “hold” rating and issued a $16.00 target price (down previously from $35.00) on shares of SolarEdge Technologies in a research note on Monday, October 21st. JPMorgan Chase & Co. lowered their price objective on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Guggenheim cut shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 target price for the company. in a research report on Thursday, October 17th. Barclays decreased their target price on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating for the company in a research report on Friday, October 11th. Finally, Citigroup decreased their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Nine investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $24.04.

SolarEdge Technologies Price Performance

Shares of SEDG stock traded down $1.37 during midday trading on Thursday, reaching $13.51. 3,211,001 shares of the company traded hands, compared to its average volume of 3,451,645. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. SolarEdge Technologies has a 1-year low of $12.38 and a 1-year high of $103.15. The firm has a market cap of $774.12 million, a PE ratio of -0.47 and a beta of 1.59. The firm’s 50 day simple moving average is $19.34 and its two-hundred day simple moving average is $31.18.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The firm had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. SolarEdge Technologies had a negative return on equity of 56.32% and a negative net margin of 158.19%. The firm’s revenue was down 73.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.06 earnings per share. On average, equities research analysts expect that SolarEdge Technologies will post -8.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Trillium Asset Management LLC lifted its stake in SolarEdge Technologies by 1.6% in the first quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock valued at $1,960,000 after buying an additional 427 shares in the last quarter. Yelin Lapidot Holdings Management Ltd. lifted its stake in SolarEdge Technologies by 5.1% in the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after buying an additional 564 shares in the last quarter. Texas Permanent School Fund Corp lifted its stake in SolarEdge Technologies by 1.2% in the first quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock valued at $3,525,000 after buying an additional 585 shares in the last quarter. Swiss National Bank lifted its stake in SolarEdge Technologies by 0.5% in the first quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock valued at $7,957,000 after buying an additional 600 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in shares of SolarEdge Technologies by 2.5% in the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock worth $727,000 after purchasing an additional 700 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.