SolarEdge Technologies Inc. (SEDG) Reaches New 52-Week Low Following Analyst Downgrade
SolarEdge Technologies Inc. (NASDAQ:SEDG) shares reached a new 52-week low during trading on Thursday after Roth Capital downgraded the stock from a buy rating to a neutral rating. The company traded as low as $12.50 and last traded at $12.50, with a volume of 1416162 shares traded. The stock had previously closed at $14.00.
A number of other analysts have also weighed in on the company. Needham & Company LLC cut their price objective on SolarEdge Technologies from $36.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, August 10th. Axiom Securities began coverage on SolarEdge Technologies in a report on Friday, October 14th. They issued a “sell” rating and a $10.00 target price on the stock. Goldman Sachs Group Inc. lowered SolarEdge Technologies from a “neutral” rating to a “sell” rating and dropped their target price for the company from $19.00 to $12.00 in a report on Thursday, October 6th. Canaccord Genuity reissued a “buy” rating and issued a $27.00 target price on shares of SolarEdge Technologies in a report on Tuesday, August 16th. Finally, Barclays PLC dropped their target price on SolarEdge Technologies from $28.00 to $22.00 and set an “overweight” rating on the stock in a report on Wednesday, August 10th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $22.18.
Several large investors have recently made changes to their positions in SEDG. Guinness Asset Management Ltd increased its stake in shares of 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 period. UBS Asset Management Americas Inc. acquired a new stake in shares of SolarEdge Technologies during the second quarter valued at $196,000. Raymond James & Associates acquired a new stake in shares of SolarEdge Technologies during the second quarter valued at $207,000. Firsthand Capital Management Inc. acquired a new stake in shares of SolarEdge Technologies during the second quarter valued at $216,000. Finally, Quotient Investors LLC acquired a new stake in shares of SolarEdge Technologies during the second quarter valued at $220,000. Institutional investors and hedge funds own 61.10% of the company’s stock.
The firm has a 50 day moving average of $15.09 and a 200 day moving average of $18.35. The firm has a market capitalization of $568.48 million, a price-to-earnings ratio of 8.03 and a beta of -0.22.
SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, November 9th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. SolarEdge Technologies had a net margin of 15.64% and a return on equity of 31.51%. The firm had revenue of $128.50 million for the quarter, compared to analyst estimates of $132.28 million. During the same quarter in the previous year, the business posted $0.36 EPS. The firm’s revenue was up 11.7% compared to the same quarter last year. Analysts expect that SolarEdge Technologies Inc. will post $1.77 EPS for the current fiscal year.
SolarEdge Technologies Company Profile
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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