SolarEdge Technologies, Inc. (NASDAQ:SEDG) Stock Now Rated "Reduce" by Wall Street Brokerages

Key Points

• Analyst sentiment is cautious: Eighteen firms give SolarEdge an average “Reduce” rating, with five sells, eleven holds and two buys. The average one-year price target is $36.93.
• Several brokers recently cut their price targets, including Goldman Sachs and RBC to $25; the shares traded at $23.85, near their 52-week low of $22.96.
• SolarEdge beat quarterly earnings estimates with EPS of $0.29 versus $0.04 expected, but revenue fell 4.2% year over year to $325.4 million and missed forecasts.

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) have been assigned an average recommendation of "Reduce" from the eighteen research firms that are currently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $36.93.

Several research firms have weighed in on SEDG. Royal Bank Of Canada dropped their price target on SolarEdge Technologies from $30.00 to $25.00 and set a "sector perform" rating for the company in a research report on Friday, November 6th. The Goldman Sachs Group reduced their target price on shares of SolarEdge Technologies from $29.00 to $25.00 and set a "sell" rating on the stock in a report on Thursday, November 5th. Morgan Stanley decreased their price target on shares of SolarEdge Technologies from $35.00 to $33.00 and set an "equal weight" rating on the stock in a research note on Friday, September 11th. JPMorgan Chase & Co. lowered their price target on shares of SolarEdge Technologies from $38.00 to $31.00 and set a "neutral" rating for the company in a report on Thursday, November 5th. Finally, Wall Street Zen lowered SolarEdge Technologies from a "hold" rating to a "sell" rating in a research note on Monday, November 9th.

SolarEdge Technologies Price Performance

NASDAQ SEDG traded down $0.44 during mid-day trading on Friday, hitting $23.85. The stock had a trading volume of 2,558,317 shares, compared to its average volume of 3,055,704. SolarEdge Technologies has a 52-week low of $22.96 and a 52-week high of $81.25. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -6.28 and a beta of 1.31. The company has a 50 day simple moving average of $31.94 and a 200 day simple moving average of $41.90. The company has a quick ratio of 1.40, a current ratio of 2.12 and a debt-to-equity ratio of 0.83.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its earnings results on Wednesday, November 4th. The semiconductor company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.25. SolarEdge Technologies had a negative return on equity of 19.80% and a negative net margin of 17.34%. The company had revenue of $325.40 million for the quarter, compared to analyst estimates of $326.78 million. During the same quarter in the prior year, the company earned ($0.31) earnings per share. SolarEdge Technologies's revenue was down 4.2% compared to the same quarter last year. Equities analysts forecast that SolarEdge Technologies will post -1.50 EPS for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp raised its stake in SolarEdge Technologies by 0.7% during the second quarter. State Street Corp now owns 1,761,901 shares of the semiconductor company's stock worth $102,965,000 after purchasing an additional 12,188 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of SolarEdge Technologies by 59.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,693,340 shares of the semiconductor company's stock valued at $85,836,000 after purchasing an additional 1,002,000 shares during the period. Legal & General Group Plc purchased a new stake in shares of SolarEdge Technologies during the second quarter worth about $76,095,000. Handelsbanken Fonder AB raised its holdings in SolarEdge Technologies by 16.6% in the second quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company's stock valued at $71,905,000 after acquiring an additional 175,281 shares in the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd bought a new position in shares of SolarEdge Technologies during the second quarter worth about $55,514,000. Hedge funds and other institutional investors own 95.10% of the company's stock.

About SolarEdge Technologies

SolarEdge Technologies develops smart energy technologies for residential, commercial and utility-scale applications. Founded in 2006, the company is known for its DC-optimized inverter system, which combines power optimizers with inverters to help manage solar energy production at the panel level. Its product portfolio includes solar inverters and power optimizers, energy storage systems, monitoring and energy-management software, electric-vehicle charging equipment and related services. These offerings are designed to support the generation, storage and use of electricity from solar and other energy sources.

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