SolarEdge Technologies Inc. (SEDG) Cut to Strong Sell at Zacks Investment Research
SolarEdge Technologies Inc. (NASDAQ:SEDG) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday.
According to Zacks, “SolarEdge Technologies, Inc. provides inverter solution. The company’s SolarEdge system offers power optimizers, inverters and a cloud-based monitoring platform. It serves residential solar installations to commercial and small utility-scale solar installations. SolarEdge Technologies, Inc. is headquartered in Hod Hasharon, Israel. “
SEDG has been the topic of several other research reports. Goldman Sachs Group Inc. downgraded shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $19.00 to $12.00 in a research report on Thursday, October 6th. JMP Securities reissued a “buy” rating on shares of SolarEdge Technologies in a research report on Friday, September 23rd. Needham & Company LLC dropped their target price on shares of SolarEdge Technologies from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, September 14th. Barclays PLC downgraded shares of SolarEdge Technologies from an “overweight” rating to a “neutral” rating in a report on Thursday, August 25th. Finally, Axiom Securities assumed coverage on shares of SolarEdge Technologies in a report on Friday, October 14th. They issued a “sell” rating and a $10.00 price objective on the stock. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $20.92.
SolarEdge Technologies (NASDAQ:SEDG) opened at 13.55 on Wednesday. The company has a market capitalization of $556.40 million, a P/E ratio of 7.69 and a beta of -0.22. The firm has a 50-day moving average of $14.89 and a 200 day moving average of $17.92. SolarEdge Technologies has a 52-week low of $11.35 and a 52-week high of $30.50.
SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, November 9th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. The company had revenue of $128.50 million for the quarter, compared to the consensus estimate of $132.28 million. SolarEdge Technologies had a net margin of 15.46% and a return on equity of 29.93%. SolarEdge Technologies’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 EPS. Equities analysts predict that SolarEdge Technologies will post $1.59 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. bought a new position in SolarEdge Technologies during the first quarter worth $2,410,000. Nuveen Asset Management LLC bought a new position in SolarEdge Technologies during the first quarter worth $3,360,000. LPL Financial LLC bought a new position in SolarEdge Technologies during the first quarter worth $805,000. Seven Eight Capital LLC bought a new position in SolarEdge Technologies during the first quarter worth $254,000. Finally, Quotient Investors LLC bought a new position in SolarEdge Technologies during the second quarter worth $220,000. Institutional investors own 61.07% of the company’s stock.
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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