SolarEdge Technologies (NASDAQ:SEDG) Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded SolarEdge Technologies to “sell” from “hold.” Overall analyst sentiment is cautious, with a consensus “Reduce” rating and an average price target of $38.53.
• SEDG opened at $33.32, substantially below its 52-week high of $81.25; the company has a $2.05 billion market capitalization and negative profitability metrics, including a -20.29% net margin.
• SolarEdge’s latest quarterly results exceeded expectations, with EPS of $0.05 versus a projected loss of $0.02 and revenue of $346.2 million, up 19.6% year over year. Institutional investors own approximately 95.1% of the stock.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday, Wall Street Zen reports.

A number of other research firms have also issued reports on SEDG. Weiss Ratings upgraded SolarEdge Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, October 2nd. Susquehanna cut their target price on SolarEdge Technologies from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Wednesday, October 14th. TD Cowen cut their price objective on shares of SolarEdge Technologies from $85.00 to $75.00 and set a "buy" rating on the stock in a report on Monday, July 20th. Citigroup raised their target price on SolarEdge Technologies from $25.00 to $30.00 and gave the company a "sell" rating in a report on Monday, September 21st. Finally, BMO Capital Markets decreased their price target on SolarEdge Technologies from $31.00 to $28.00 and set an "underperform" rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $38.53.

SolarEdge Technologies Price Performance

SEDG stock opened at $33.32 on Friday. The firm has a market cap of $2.05 billion, a P/E ratio of -7.40 and a beta of 1.44. SolarEdge Technologies has a 52 week low of $28.21 and a 52 week high of $81.25. The firm's fifty day moving average is $32.96 and its 200 day moving average is $44.24. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.38 and a current ratio of 2.03.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.07. SolarEdge Technologies had a negative net margin of 20.29% and a negative return on equity of 29.17%. The business had revenue of $346.20 million for the quarter, compared to analysts' expectations of $341.15 million. During the same quarter in the prior year, the business earned ($0.81) EPS. The business's revenue for the quarter was up 19.6% compared to the same quarter last year. Research analysts predict that SolarEdge Technologies will post -1.21 earnings per share for the current year.

Institutional Trading of SolarEdge Technologies

Several institutional investors and hedge funds have recently bought and sold shares of SEDG. Legal & General Group Plc acquired a new stake in SolarEdge Technologies during the 2nd quarter valued at approximately $76,095,000. Clal Insurance Enterprises Holdings Ltd bought a new position in SolarEdge Technologies during the second quarter valued at about $55,514,000. Meitav Investment House Ltd. lifted its holdings in SolarEdge Technologies by 541.6% during the first quarter. Meitav Investment House Ltd. now owns 1,017,551 shares of the semiconductor company's stock valued at $51,946,000 after purchasing an additional 858,954 shares during the last quarter. Bank of America Corp DE grew its holdings in SolarEdge Technologies by 218.6% during the 1st quarter. Bank of America Corp DE now owns 404,297 shares of the semiconductor company's stock valued at $20,639,000 after buying an additional 277,385 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in SolarEdge Technologies by 303.2% during the first quarter. Dimensional Fund Advisors LP now owns 314,066 shares of the semiconductor company's stock worth $16,031,000 after buying an additional 236,176 shares in the last quarter. Institutional investors own 95.10% of the company's stock.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc NASDAQ: SEDG develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.

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