SolarEdge Technologies (NASDAQ:SEDG) Trading Down 4.3% - Here's Why

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) were down 4.3% on Wednesday . The company traded as low as $31.14 and last traded at $30.48. Approximately 418,623 shares traded hands during trading, a decline of 91% from the average daily volume of 4,705,092 shares. The stock had previously closed at $31.86.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SEDG shares. Jefferies Financial Group lifted their price objective on SolarEdge Technologies from $10.00 to $18.00 and gave the company an "underperform" rating in a research report on Monday, July 14th. Susquehanna boosted their price target on SolarEdge Technologies from $14.00 to $26.00 and gave the stock a "neutral" rating in a report on Monday. Morgan Stanley reissued an "underweight" rating and issued a $10.00 price target on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. KeyCorp raised SolarEdge Technologies from an "underweight" rating to a "sector weight" rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company lowered their price target on SolarEdge Technologies from $19.00 to $15.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Eleven equities research analysts have rated the stock with a sell rating and eighteen have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $17.92.

SolarEdge Technologies Price Performance

The firm's 50-day moving average price is $21.61 and its two-hundred day moving average price is $17.33. The stock has a market cap of $1.61 billion, a PE ratio of -0.90 and a beta of 1.62. The company has a current ratio of 2.04, a quick ratio of 1.39 and a debt-to-equity ratio of 0.62.

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

Institutional Investors Weigh In On SolarEdge Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Maryland State Retirement & Pension System raised its stake in SolarEdge Technologies by 2.9% in the second quarter. Maryland State Retirement & Pension System now owns 17,352 shares of the semiconductor company's stock valued at $354,000 after buying an additional 486 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of SolarEdge Technologies by 21.5% in the second quarter. Public Employees Retirement System of Ohio now owns 2,868 shares of the semiconductor company's stock worth $59,000 after purchasing an additional 508 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its stake in shares of SolarEdge Technologies by 60.0% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 600 shares during the last quarter. Deutsche Bank AG raised its stake in shares of SolarEdge Technologies by 0.5% in the first quarter. Deutsche Bank AG now owns 148,734 shares of the semiconductor company's stock worth $2,407,000 after purchasing an additional 766 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of SolarEdge Technologies by 93.7% in the first quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 790 shares during the last quarter. 95.10% of the stock is currently 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.