SolarEdge Technologies (NASDAQ:SEDG) Trading Down 5.2% - Here's Why

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) fell 5.2% during mid-day trading on Friday . The stock traded as low as $26.29 and last traded at $26.14. 971,270 shares traded hands during trading, a decline of 79% from the average session volume of 4,731,532 shares. The stock had previously closed at $27.57.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SEDG. Jefferies Financial Group raised their target price on SolarEdge Technologies from $10.00 to $18.00 and gave the stock an "underperform" rating in a research note on Monday. Northland Securities raised SolarEdge Technologies from an "under perform" rating to a "market perform" rating and set a $15.50 target price for the company in a research note on Friday, May 23rd. Wells Fargo & Company cut their target price on SolarEdge Technologies from $19.00 to $15.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. UBS Group raised their target price on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 10th. Finally, KeyCorp raised SolarEdge Technologies from an "underweight" rating to a "sector weight" rating in a research note on Tuesday, July 8th. Ten analysts have rated the stock with a sell rating, seventeen have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of "Hold" and an average price target of $17.44.

SolarEdge Technologies Stock Performance

The stock has a market capitalization of $1.58 billion, a PE ratio of -0.89 and a beta of 1.62. The stock has a fifty day moving average of $19.76 and a 200-day moving average of $16.54. The company has a quick ratio of 1.39, a current ratio of 2.04 and a debt-to-equity ratio of 0.62.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.26) by $0.12. The firm had revenue of $219.48 million during the quarter, compared to analyst estimates of $205.39 million. SolarEdge Technologies had a negative return on equity of 127.53% and a negative net margin of 182.81%. SolarEdge Technologies's revenue was up 7.4% compared to the same quarter last year. During the same period last year, the business posted ($1.90) earnings per share. Equities analysts anticipate that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new stake in shares of SolarEdge Technologies during the fourth quarter worth about $17,909,000. Ion Asset Management Ltd. increased its position in shares of SolarEdge Technologies by 135.9% during the first quarter. Ion Asset Management Ltd. now owns 2,082,497 shares of the semiconductor company's stock worth $33,695,000 after purchasing an additional 1,199,801 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of SolarEdge Technologies by 10,038.2% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,109,225 shares of the semiconductor company's stock worth $17,945,000 after purchasing an additional 1,098,284 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of SolarEdge Technologies by 14.9% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company's stock worth $67,370,000 after purchasing an additional 641,915 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of SolarEdge Technologies by 67.6% during the fourth quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company's stock worth $17,262,000 after purchasing an additional 512,035 shares in the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Company Profile

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.