SolarEdge Technologies (NASDAQ:SEDG) Reaches New 1-Year Low – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price reached a new 52-week low on Wednesday. The stock traded as low as $28.11 and last traded at $29.0340, with a volume of 2,734,194 shares trading hands. The stock had previously closed at $32.16.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SEDG shares. UBS Group raised SolarEdge Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $36.00 to $42.00 in a research report on Wednesday, August 26th. BMO Capital Markets decreased their price objective on shares of SolarEdge Technologies from $31.00 to $28.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 21st. Mizuho upped their price objective on SolarEdge Technologies from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, September 11th. Susquehanna dropped their target price on shares of SolarEdge Technologies from $38.00 to $32.00 and set a “neutral” rating for the company in a research report on Wednesday, October 14th. Finally, Wall Street Zen lowered shares of SolarEdge Technologies from a “hold” rating to a “sell” rating in a report on Saturday. Two investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $38.53.

SolarEdge Technologies Trading Down 9.7%

The business has a 50-day moving average price of $32.93 and a two-hundred day moving average price of $42.27. The company has a current ratio of 2.03, a quick ratio of 1.38 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $1.79 billion, a P/E ratio of -6.46 and a beta of 1.44.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.07. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. The firm had revenue of $346.20 million for the quarter, compared to the consensus estimate of $341.15 million. During the same period in the previous year, the business earned ($0.81) EPS. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. On average, analysts expect that SolarEdge Technologies, Inc. will post -1.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SEDG. Counterpoint Mutual Funds LLC boosted its position in SolarEdge Technologies by 22.1% in the third quarter. Counterpoint Mutual Funds LLC now owns 22,526 shares of the semiconductor company’s stock worth $718,000 after purchasing an additional 4,083 shares during the last quarter. Vontobel Holding Ltd. raised its stake in SolarEdge Technologies by 250.1% during the third quarter. Vontobel Holding Ltd. now owns 26,921 shares of the semiconductor company’s stock valued at $858,000 after purchasing an additional 19,231 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of SolarEdge Technologies by 18.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,045 shares of the semiconductor company’s stock valued at $97,000 after purchasing an additional 479 shares during the last quarter. Miller Global Investments LLC lifted its stake in SolarEdge Technologies by 61.2% in the third quarter. Miller Global Investments LLC now owns 5,747 shares of the semiconductor company’s stock worth $183,000 after purchasing an additional 2,181 shares during the last quarter. Finally, State Street Corp increased its stake in SolarEdge Technologies by 0.7% in the second quarter. State Street Corp now owns 1,761,901 shares of the semiconductor company’s stock worth $102,965,000 after purchasing an additional 12,188 shares during the period. 95.10% of the stock is owned by institutional investors.

About SolarEdge Technologies

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.