SolarEdge Technologies (NASDAQ:SEDG) Trading Down 2.6% – Time to Sell?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) traded down 2.6% during trading on Thursday . The company traded as low as $14.31 and last traded at $14.44. 533,902 shares were traded during trading, a decline of 86% from the average session volume of 3,720,005 shares. The stock had previously closed at $14.83.

Analysts Set New Price Targets

Several research firms have commented on SEDG. Mizuho lowered shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $35.00 to $11.00 in a research report on Thursday, November 7th. Piper Sandler lowered SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $17.00 to $9.00 in a report on Thursday, November 7th. Jefferies Financial Group downgraded SolarEdge Technologies from a “hold” rating to an “underperform” rating and decreased their target price for the stock from $27.00 to $17.00 in a research report on Tuesday, September 17th. BMO Capital Markets lowered their price target on SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a report on Thursday, November 7th. Finally, StockNews.com raised shares of SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Seven research analysts have rated the stock with a sell rating, nineteen have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $22.40.

SolarEdge Technologies Price Performance

The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The business’s 50 day moving average price is $14.48 and its 200-day moving average price is $21.68. The company has a market cap of $863.46 million, a PE ratio of -0.51 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.03) EPS. As a group, analysts forecast that SolarEdge Technologies, Inc. will post -19.18 earnings per share for the current year.

Insider Activity

In other news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction on Monday, November 11th. The stock was bought at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

A number of institutional investors have recently bought and sold shares of SEDG. Louisiana State Employees Retirement System lifted its holdings in shares of SolarEdge Technologies by 2.5% during the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock worth $727,000 after buying an additional 700 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in SolarEdge Technologies by 23.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 357,830 shares of the semiconductor company’s stock valued at $9,039,000 after acquiring an additional 68,444 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of SolarEdge Technologies by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,774 shares of the semiconductor company’s stock valued at $1,080,000 after purchasing an additional 4,338 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of SolarEdge Technologies in the 2nd quarter valued at $28,000. Finally, Mizuho Markets Americas LLC acquired a new position in shares of SolarEdge Technologies in the 2nd quarter worth approximately $632,000. Institutional investors and hedge funds 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.