SolarEdge Technologies (NASDAQ:SEDG) Trading Down 7% - Here's What Happened

Key Points

• SolarEdge Technologies shares fell by 7%, trading as low as $24.54, with a significant drop in trading volume.
• Analysts have mixed sentiments, with 10 analysts
• SolarEdge reported negative earnings per share of ($0.81), matching analyst expectations, but revenue increased 9% year-over-year to $289.43 million.

SolarEdge Technologies, Inc. (NASDAQ:SEDG - Get Free Report) shares traded down 7% during trading on Thursday . The stock traded as low as $24.54 and last traded at $24.61. 1,033,103 shares changed hands during trading, a decline of 78% from the average session volume of 4,802,840 shares. The stock had previously closed at $26.46.

Analyst Ratings Changes

A number of analysts recently commented on SEDG shares. TD Cowen lifted their target price on shares of SolarEdge Technologies from $18.00 to $20.00 and gave the stock a "hold" rating in a research note on Friday, August 8th. Susquehanna boosted their price target on SolarEdge Technologies from $14.00 to $26.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Mizuho increased their price objective on SolarEdge Technologies from $18.00 to $29.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Oppenheimer reaffirmed a "market perform" rating on shares of SolarEdge Technologies in a report on Monday. Finally, BNP Paribas upgraded SolarEdge Technologies to a "strong sell" rating in a research report on Wednesday, July 16th. Ten research analysts have rated the stock with a sell rating and nineteen have assigned a hold rating to the stock. According to MarketBeat.com, SolarEdge Technologies has a consensus rating of "Hold" and a consensus price target of $17.70.

SolarEdge Technologies Stock Performance

The firm has a fifty day moving average price of $23.75 and a 200 day moving average price of $18.41. The firm has a market capitalization of $1.46 billion, a PE ratio of -0.82 and a beta of 1.56. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.94 and a quick ratio of 1.42.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last issued its earnings results on Thursday, August 7th. The semiconductor company reported ($0.81) earnings per share for the quarter, hitting the consensus estimate of ($0.81). SolarEdge Technologies had a negative return on equity of 191.53% and a negative net margin of 177.64%. The company had revenue of $289.43 million for the quarter, compared to analyst estimates of $270.03 million. During the same period in the prior year, the firm posted ($1.79) EPS. The business's revenue was up 9.0% compared to the same quarter last year. Research analysts anticipate that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current fiscal year.

Institutional Trading of SolarEdge Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp lifted its holdings in SolarEdge Technologies by 93.7% during the 1st quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 790 shares during the last quarter. Edmond DE Rothschild Holding S.A. grew its position in shares of SolarEdge Technologies by 60.0% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 1,600 shares of the semiconductor company's stock worth $26,000 after buying an additional 600 shares during the period. Banque Cantonale Vaudoise bought a new stake in shares of SolarEdge Technologies during the 1st quarter valued at $35,000. Public Employees Retirement System of Ohio boosted its holdings in SolarEdge Technologies by 21.5% during the second quarter. Public Employees Retirement System of Ohio now owns 2,868 shares of the semiconductor company's stock worth $59,000 after buying an additional 508 shares during the last quarter. Finally, Spire Wealth Management grew its holdings in SolarEdge Technologies by 706.3% during the second quarter. Spire Wealth Management now owns 3,185 shares of the semiconductor company's stock valued at $65,000 after purchasing an additional 2,790 shares during the period. 95.10% of the stock is currently owned by 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.

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