Mizuho Downgrades SolarEdge Technologies (NASDAQ:SEDG) to Neutral

Mizuho downgraded shares of SolarEdge Technologies (NASDAQ:SEDG) from an outperform rating to a neutral rating in a research note published on Thursday, Marketbeat.com reports. Mizuho currently has $11.00 target price on the semiconductor company’s stock, down from their previous target price of $35.00.

Several other analysts have also recently commented on the stock. Susquehanna reduced their price objective on shares of SolarEdge Technologies from $24.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, October 16th. Piper Sandler downgraded shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $17.00 to $9.00 in a research report on Thursday. Citigroup decreased their target price on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Truist Financial restated a “hold” rating and issued a $20.00 price target on shares of SolarEdge Technologies in a research report on Tuesday, August 27th. Finally, Glj Research lowered shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research report on Tuesday, October 8th. Nine investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $23.79.

SolarEdge Technologies Stock Performance

Shares of SEDG stock traded down $1.35 during trading hours on Thursday, reaching $13.53. 7,872,062 shares of the company’s stock were exchanged, compared to its average volume of 3,473,123. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. The company’s 50 day moving average is $19.34 and its two-hundred day moving average is $31.18. The company has a market cap of $775.27 million, a P/E ratio of -0.46 and a beta of 1.59. SolarEdge Technologies has a 1 year low of $12.38 and a 1 year high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The business 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 company’s revenue was down 73.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.06 EPS. Equities research analysts anticipate that SolarEdge Technologies will post -8.85 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of hedge funds have recently made changes to their positions in SEDG. Swedbank AB acquired a new stake in shares of SolarEdge Technologies during the 1st quarter worth $261,312,000. Vanguard Group Inc. grew its position in 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 acquiring an additional 62,942 shares during the period. Quarry LP acquired a new stake in SolarEdge Technologies during the second quarter worth about $36,627,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in SolarEdge Technologies by 0.3% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock worth $25,531,000 after acquiring an additional 2,795 shares during the last quarter. Finally, M&G PLC raised its holdings in shares of SolarEdge Technologies by 4.2% in the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock worth $21,452,000 after purchasing an additional 38,001 shares during the period. Institutional investors and hedge funds 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.