SolarEdge Technologies (NASDAQ:SEDG) Sets New 12-Month Low – Time to Sell?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $10.32 and last traded at $10.36, with a volume of 2448315 shares trading hands. The stock had previously closed at $10.85.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SEDG. TD Cowen dropped their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. Truist Financial dropped their price target on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a research note on Friday, November 8th. William Blair assumed coverage on shares of SolarEdge Technologies in a research note on Thursday, August 29th. They set a “market perform” rating on the stock. Guggenheim lowered shares of SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price objective for the company. in a report on Thursday, October 17th. Finally, Canaccord Genuity Group cut their target price on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Ten investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Trading Down 3.5 %

The business has a fifty day moving average price of $18.05 and a 200 day moving average price of $28.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The company had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm’s quarterly revenue was down 64.0% on a year-over-year basis. During the same period in the previous year, the business posted ($1.03) EPS. Sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -17.69 EPS for the current year.

Insider Activity

In other news, Chairman More Avery bought 156,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was acquired at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.67% of the stock is owned by insiders.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its holdings in shares of SolarEdge Technologies by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock worth $16,227,000 after purchasing an additional 25,474 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of SolarEdge Technologies during the 3rd quarter worth $278,000. Two Sigma Advisers LP grew its holdings in shares of SolarEdge Technologies by 0.3% in the 3rd quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after acquiring an additional 3,400 shares during the last quarter. Soros Fund Management LLC acquired a new stake in shares of SolarEdge Technologies during the third quarter worth $5,293,000. Finally, Erste Asset Management GmbH purchased a new stake in shares of SolarEdge Technologies during the third quarter valued at $4,420,000. 95.10% of the stock is 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.