SolarEdge Technologies Inc. (SEDG) Stock Rating Lowered by Goldman Sachs Group Inc.
SolarEdge Technologies Inc. (NASDAQ:SEDG) was downgraded by Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating in a research note issued on Thursday.
SEDG has been the subject of a number of other research reports. Barclays PLC lowered SolarEdge Technologies to a “buy” rating in a research report on Monday, June 20th. Deutsche Bank AG reduced their price target on SolarEdge Technologies from $27.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. JMP Securities assumed coverage on SolarEdge Technologies in a research report on Thursday, September 8th. They set an “outperform” rating and a $23.00 price target for the company. Canaccord Genuity reiterated a “buy” rating and set a $27.00 price target on shares of SolarEdge Technologies in a research report on Friday, September 23rd. Finally, FBR & Co dropped their price objective on SolarEdge Technologies from $38.00 to $32.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 10th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $26.27.
SolarEdge Technologies (NASDAQ:SEDG) traded up 0.23% during mid-day trading on Thursday, hitting $17.22. The company had a trading volume of 663,424 shares. SolarEdge Technologies has a one year low of $14.41 and a one year high of $30.50. The company’s 50 day moving average price is $16.73 and its 200-day moving average price is $20.29. The company has a market cap of $704.26 million, a PE ratio of 9.95 and a beta of -0.44.
SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.03. SolarEdge Technologies had a return on equity of 31.51% and a net margin of 15.64%. The business earned $124.80 million during the quarter, compared to analyst estimates of $129.63 million. During the same quarter in the previous year, the firm posted $0.31 EPS. The business’s revenue for the quarter was up 26.8% compared to the same quarter last year. Equities research analysts anticipate that SolarEdge Technologies will post $1.89 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc raised its position in SolarEdge Technologies by 45.4% in the first quarter. IFP Advisors Inc now owns 5,396 shares of the company’s stock valued at $136,000 after buying an additional 1,686 shares during the last quarter. Guinness Asset Management Ltd raised its position in SolarEdge Technologies by 42.1% in the second quarter. Guinness Asset Management Ltd now owns 8,100 shares of the company’s stock valued at $159,000 after buying an additional 2,400 shares during the last quarter. UBS Asset Management Americas Inc. acquired a new position in SolarEdge Technologies during the second quarter valued at $196,000. Raymond James & Associates acquired a new position in SolarEdge Technologies during the second quarter valued at $207,000. Finally, Firsthand Capital Management Inc. acquired a new position in SolarEdge Technologies during the second quarter valued at $216,000. 60.46% of the stock is currently owned by hedge funds and other institutional investors.
About SolarEdge Technologies
Solaredge Technologies Inc (SolarEdge) is a provider of solar power harvesting and photovoltaic (PV) monitoring solutions. The Company’s portfolio of products includes power optimizers, PV inverters and a Web portal for module-level monitoring and fault detection. Its SolarEdge power optimizer is a DC/DC converter which is connected by installers to each PV module or embedded by module manufacturers, replacing the solar junction box.
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