SolarEdge Technologies (NASDAQ:SEDG) Downgraded by Glj Research to Strong Sell

Glj Research cut shares of SolarEdge Technologies (NASDAQ:SEDG) from a strong-buy rating to a strong sell rating in a report published on Tuesday morning, Zacks.com reports.

Other analysts have also recently issued reports about the stock. Morgan Stanley decreased their price objective on shares of SolarEdge Technologies from $28.00 to $23.00 and set an equal weight rating for the company in a research note on Tuesday. William Blair initiated coverage on shares of SolarEdge Technologies in a report on Thursday, August 29th. They issued a market perform rating on the stock. Canaccord Genuity Group reduced their price objective on SolarEdge Technologies from $38.00 to $27.00 and set a hold rating for the company in a research note on Thursday, August 8th. Mizuho lowered their target price on SolarEdge Technologies from $40.00 to $35.00 and set an outperform rating on the stock in a research note on Thursday, September 19th. Finally, Wells Fargo & Company reduced their price target on SolarEdge Technologies from $62.00 to $29.00 and set an equal weight rating for the company in a research report on Tuesday, July 2nd. Six research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $46.81.

SolarEdge Technologies Stock Performance

Shares of SolarEdge Technologies stock opened at $19.46 on Tuesday. The firm has a market capitalization of $1.12 billion, a P/E ratio of -2.16 and a beta of 1.56. SolarEdge Technologies has a 52 week low of $17.12 and a 52 week high of $130.38. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The company has a 50 day moving average price of $22.24 and a 200 day moving average price of $37.64.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) 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 company had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. During the same quarter in the previous year, the firm posted $2.06 earnings per share. The company’s quarterly revenue was down 73.2% on a year-over-year basis. Sell-side analysts expect that SolarEdge Technologies will post -8.56 EPS for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

Institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in shares of SolarEdge Technologies during the 2nd quarter valued at approximately $28,000. GAMMA Investing LLC increased its position in shares of SolarEdge Technologies by 90.0% during the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 289 shares during the last quarter. Versant Capital Management Inc raised its holdings in SolarEdge Technologies by 1,066.7% in the 1st quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 640 shares during the period. EntryPoint Capital LLC acquired a new position in SolarEdge Technologies in the first quarter valued at about $64,000. Finally, Hexagon Capital Partners LLC boosted its stake in SolarEdge Technologies by 120.8% during the first quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after buying an additional 610 shares during the period. Hedge funds and other 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.