SolarEdge Technologies (NASDAQ:SEDG) Trading Down 4.8% on Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shares were down 4.8% during trading on Tuesday after Jefferies Financial Group lowered their price target on the stock from $12.00 to $9.00. Jefferies Financial Group currently has an underperform rating on the stock. SolarEdge Technologies traded as low as $13.56 and last traded at $13.25. Approximately 551,996 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 4,175,801 shares. The stock had previously closed at $13.92.

SEDG has been the topic of several other reports. Piper Sandler lifted their price target on SolarEdge Technologies from $9.00 to $10.00 and gave the company an "underweight" rating in a research report on Thursday, February 20th. BMO Capital Markets lowered shares of SolarEdge Technologies from a "market perform" rating to an "underperform" rating and increased their price target for the stock from $13.00 to $15.00 in a research note on Thursday, February 20th. The Goldman Sachs Group boosted their price objective on shares of SolarEdge Technologies from $21.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. Wells Fargo & Company lowered their target price on shares of SolarEdge Technologies from $20.00 to $19.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. Finally, Northland Capmk lowered SolarEdge Technologies from a "hold" rating to a "strong sell" rating in a research report on Thursday, February 20th. Ten equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $21.53.

Insiders Place Their Bets

In other news, Chairman More Avery acquired 30,000 shares of SolarEdge Technologies stock in a transaction dated Tuesday, March 4th. The stock was purchased at an average cost of $13.70 per share, with a total value of $411,000.00. Following the completion of the purchase, the chairman now directly owns 274,478 shares in the company, valued at approximately $3,760,348.60. This trade represents a 12.27 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.67% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SEDG. Point72 Asset Management L.P. bought a new stake in SolarEdge Technologies during the fourth quarter valued at about $17,909,000. Ion Asset Management Ltd. bought a new position in SolarEdge Technologies in the 4th quarter worth approximately $12,005,000. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in SolarEdge Technologies by 14.9% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company's stock valued at $67,370,000 after buying an additional 641,915 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of SolarEdge Technologies by 182.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company's stock worth $11,888,000 after buying an additional 564,490 shares in the last quarter. Finally, Legal & General Group Plc boosted 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 acquiring an additional 512,035 shares during the last quarter. Hedge funds and other institutional investors own 95.10% of the company's stock.

SolarEdge Technologies Price Performance

The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.46 and a current ratio of 1.95. The firm's fifty day simple moving average is $15.67 and its 200 day simple moving average is $15.15. The firm has a market cap of $746.78 million, a P/E ratio of -0.41 and a beta of 1.63.

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.