SolarEdge Technologies (NASDAQ:SEDG) Cut to “Underweight” at Piper Sandler

Piper Sandler cut shares of SolarEdge Technologies (NASDAQ:SEDG) from a neutral rating to an underweight rating in a research report sent to investors on Thursday, MarketBeat reports. They currently have $9.00 price target on the semiconductor company’s stock, down from their prior price target of $17.00.

A number of other brokerages have also weighed in on SEDG. Guggenheim lowered shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 target price for the company. in a research report on Thursday, October 17th. Morgan Stanley cut their price target on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, October 8th. Barclays decreased their target price on shares of SolarEdge Technologies from $26.00 to $17.00 and set an “underweight” rating on the stock in a research report on Friday, October 11th. Royal Bank of Canada dropped their price target on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 15th. Finally, Bank of America lowered their target price on shares of SolarEdge Technologies from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Nine research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $23.79.

SolarEdge Technologies Price Performance

NASDAQ SEDG opened at $13.53 on Thursday. The business’s fifty day moving average is $19.12 and its 200 day moving average is $30.71. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. SolarEdge Technologies has a fifty-two week low of $12.38 and a fifty-two week high of $103.15. The company has a market capitalization of $775.26 million, a PE ratio of -0.47 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The firm had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. SolarEdge Technologies had a negative return on equity of 56.32% and a negative net margin of 158.19%. The company’s revenue was down 73.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.06 earnings per share. Sell-side analysts predict that SolarEdge Technologies will post -8.85 earnings per share for the current year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of large investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC purchased a new position in shares of SolarEdge Technologies in the first quarter valued at approximately $64,000. International Assets Investment Management LLC purchased a new stake in SolarEdge Technologies during the 2nd quarter valued at about $28,000. KBC Group NV raised its holdings in SolarEdge Technologies by 95.8% in the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after acquiring an additional 1,378 shares during the last quarter. State Board of Administration of Florida Retirement System acquired a new position in shares of SolarEdge Technologies during the 1st quarter worth approximately $236,000. Finally, First Pacific Financial increased its holdings in shares of SolarEdge Technologies by 53.0% in the second quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 1,805 shares during the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

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.