SolarEdge Technologies (NASDAQ:SEDG) Downgraded to “Underperform” at Jefferies Financial Group

SolarEdge Technologies (NASDAQ:SEDG) was downgraded by analysts at Jefferies Financial Group from a “hold” rating to an “underperform” rating in a note issued to investors on Tuesday, FinViz reports. They presently have a $17.00 price objective on the semiconductor company’s stock, down from their prior price objective of $27.00. Jefferies Financial Group’s price target would suggest a potential downside of 22.55% from the company’s previous close.

SEDG has been the topic of several other reports. DZ Bank lowered SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price objective on the stock. in a research report on Wednesday, July 17th. William Blair started coverage on SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating on the stock. Wells Fargo & Company decreased their price target on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a report on Tuesday, July 2nd. Morgan Stanley dropped their price objective on shares of SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 26th. Finally, Scotiabank decreased their target price on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Five investment analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $51.23.

SolarEdge Technologies Price Performance

Shares of SolarEdge Technologies stock opened at $21.95 on Tuesday. The business’s fifty day moving average price is $24.89 and its 200 day moving average price is $43.81. SolarEdge Technologies has a twelve month low of $17.12 and a twelve month high of $141.70. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.26 billion, a P/E ratio of -4.72 and a beta of 1.56.

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). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The business had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. During the same quarter in the prior year, the firm earned $2.06 earnings per share. SolarEdge Technologies’s quarterly revenue was down 73.2% compared to the same quarter last year. As a group, research analysts anticipate that SolarEdge Technologies will post -8.67 earnings per share for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Brevan Howard Capital Management LP lifted its position in SolarEdge Technologies by 110.3% in the 4th quarter. Brevan Howard Capital Management LP now owns 39,374 shares of the semiconductor company’s stock valued at $3,685,000 after purchasing an additional 20,654 shares during the last quarter. Albion Financial Group UT increased its stake in shares of SolarEdge Technologies by 32.2% in the first quarter. Albion Financial Group UT now owns 3,918 shares of the semiconductor company’s stock valued at $278,000 after purchasing an additional 955 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in shares of SolarEdge Technologies by 3,750.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 46,200 shares of the semiconductor company’s stock valued at $3,243,000 after buying an additional 45,000 shares during the last quarter. Baader Bank Aktiengesellschaft acquired a new position in shares of SolarEdge Technologies during the second quarter worth approximately $679,000. Finally, Royal London Asset Management Ltd. grew its holdings in SolarEdge Technologies by 1.8% in the 4th quarter. Royal London Asset Management Ltd. now owns 21,870 shares of the semiconductor company’s stock worth $2,047,000 after buying an additional 378 shares in the last quarter. 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.