SolarEdge Technologies, Inc. (NASDAQ:SEDG) Receives Consensus Recommendation of “Reduce” from Brokerages

SolarEdge Technologies, Inc. (NASDAQ:SEDG) has earned an average rating of “Reduce” from the twenty-nine ratings firms that are presently covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a sell recommendation, nineteen have given a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $22.40.

SEDG has been the subject of a number of recent analyst reports. Piper Sandler lowered shares of SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $17.00 to $9.00 in a report on Thursday, November 7th. Citigroup decreased their price target on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Glj Research raised SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday. Truist Financial lowered their target price on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a research note on Friday, November 8th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $9.00 price target (down from $23.00) on shares of SolarEdge Technologies in a research note on Friday, November 15th.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was purchased 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 in the company, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Yelin Lapidot Holdings Management Ltd. grew its holdings in SolarEdge Technologies by 5.1% during the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after buying an additional 564 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in SolarEdge Technologies by 2.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock valued at $727,000 after acquiring an additional 700 shares during the last quarter. Bank Hapoalim BM lifted its stake in SolarEdge Technologies by 2.5% in the 3rd quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock worth $769,000 after purchasing an additional 812 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of SolarEdge Technologies during the 2nd quarter valued at about $28,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of SolarEdge Technologies by 5.9% in the second quarter. The Manufacturers Life Insurance Company now owns 21,122 shares of the semiconductor company’s stock worth $534,000 after purchasing an additional 1,175 shares during the last quarter. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Trading Up 12.7 %

SolarEdge Technologies stock opened at $14.77 on Friday. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $100.50. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The business’s fifty day simple moving average is $14.79 and its two-hundred day simple moving average is $22.78. The company has a market capitalization of $855.92 million, a price-to-earnings ratio of -0.51 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data 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 firm had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business’s revenue for the quarter was down 64.0% compared to the same quarter last year. During the same period last year, the company posted ($1.03) earnings per share. As a group, equities analysts predict that SolarEdge Technologies will post -19.18 earnings per share for the current fiscal year.

About SolarEdge Technologies

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.