SolarEdge Technologies (NASDAQ:SEDG) Shares Gap Down on Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDGGet Rating)’s share price gapped down before the market opened on Wednesday after Needham & Company LLC lowered their price target on the stock from $390.00 to $380.00. The stock had previously closed at $365.41, but opened at $321.91. Needham & Company LLC currently has a buy rating on the stock. SolarEdge Technologies shares last traded at $304.48, with a volume of 47,353 shares changing hands.

Several other analysts also recently weighed in on the company. TheStreet downgraded SolarEdge Technologies from a “b” rating to a “c” rating in a research note on Monday, May 2nd. JPMorgan Chase & Co. boosted their price objective on SolarEdge Technologies from $382.00 to $396.00 in a research note on Wednesday, July 20th. BMO Capital Markets dropped their price objective on SolarEdge Technologies from $405.00 to $372.00 in a research note on Tuesday, May 3rd. Morgan Stanley dropped their price objective on SolarEdge Technologies from $333.00 to $316.00 and set an “equal weight” rating on the stock in a research note on Monday, June 13th. Finally, Stephens started coverage on SolarEdge Technologies in a research note on Wednesday, April 13th. They issued an “overweight” rating and a $490.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $357.32.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, insider Meir Adest sold 5,000 shares of the business’s stock in a transaction dated Monday, June 13th. The stock was sold at an average price of $263.61, for a total value of $1,318,050.00. Following the transaction, the insider now owns 186,057 shares in the company, valued at $49,046,485.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other SolarEdge Technologies news, VP Rachel Prishkolnik sold 1,900 shares of the business’s stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $301.58, for a total value of $573,002.00. Following the transaction, the vice president now owns 12,581 shares in the company, valued at $3,794,177.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Meir Adest sold 5,000 shares of the business’s stock in a transaction dated Monday, June 13th. The stock was sold at an average price of $263.61, for a total value of $1,318,050.00. Following the completion of the sale, the insider now directly owns 186,057 shares of the company’s stock, valued at approximately $49,046,485.77. The disclosure for this sale can be found here. Insiders have sold 10,613 shares of company stock worth $3,007,896 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of SolarEdge Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC lifted its position in shares of SolarEdge Technologies by 79.2% in the second quarter. Steward Partners Investment Advisory LLC now owns 95 shares of the semiconductor company’s stock worth $26,000 after buying an additional 42 shares during the last quarter. Chilton Capital Management LLC acquired a new stake in shares of SolarEdge Technologies in the fourth quarter worth about $28,000. Elequin Capital LP acquired a new stake in shares of SolarEdge Technologies in the first quarter worth about $32,000. Clear Street Markets LLC lifted its position in shares of SolarEdge Technologies by 431.8% during the 2nd quarter. Clear Street Markets LLC now owns 117 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 95 shares during the last quarter. Finally, Sageworth Trust Co of South Dakota acquired a new position in shares of SolarEdge Technologies during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 75.73% of the company’s stock.

SolarEdge Technologies Stock Up 4.6 %

The company has a current ratio of 4.33, a quick ratio of 3.57 and a debt-to-equity ratio of 0.34. The firm has a market cap of $17.13 billion, a price-to-earnings ratio of 120.79, a PEG ratio of 2.72 and a beta of 1.15. The firm has a 50-day moving average of $288.74 and a two-hundred day moving average of $279.14.

SolarEdge Technologies (NASDAQ:SEDGGet Rating) last posted its quarterly earnings data on Monday, May 2nd. The semiconductor company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.18). SolarEdge Technologies had a return on equity of 9.27% and a net margin of 5.78%. The business had revenue of $655.08 million for the quarter, compared to analyst estimates of $634.70 million. As a group, sell-side analysts predict that SolarEdge Technologies, Inc. will post 4.7 earnings per share for the current fiscal year.

SolarEdge Technologies Company Profile

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SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. It operates through five segments: Solar, Energy Storage, e-Mobility, Critical Power, and Automation Machines. The company offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial, and small utility-scale solar installations; and a cloud-based monitoring platform that collects and processes information from the power optimizers and inverters, as well as monitors and manages the solar PV system.

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