SolarEdge Technologies (NASDAQ:SEDG) Shares Down 3.2%

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) were down 3.2% during trading on Wednesday . The stock traded as low as $21.05 and last traded at $21.19. Approximately 250,584 shares were traded during trading, a decline of 92% from the average daily volume of 3,189,882 shares. The stock had previously closed at $21.88.

Wall Street Analysts Forecast Growth

SEDG has been the topic of several research analyst reports. Truist Financial dropped their target price on shares of SolarEdge Technologies from $60.00 to $28.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. TD Cowen reduced their price objective on SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Morgan Stanley decreased their price objective on SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 26th. Northland Securities downgraded shares of SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 9th. Finally, Roth Mkm decreased their target price on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Four investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $52.92.

SolarEdge Technologies Price Performance

The firm’s 50-day moving average is $30.25 and its 200-day moving average is $52.04. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.27 billion, a PE ratio of -4.71 and a beta of 1.52.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data 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). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The business had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same period last year, the company posted $2.06 earnings per share. The business’s revenue was down 73.2% compared to the same quarter last year. On average, equities analysts anticipate that SolarEdge Technologies, Inc. will post -7.01 EPS for the current year.

Institutional Trading of SolarEdge Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Manchester Capital Management LLC boosted its stake in SolarEdge Technologies by 1,345.0% in the 4th quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 269 shares during the period. International Assets Investment Management LLC bought a new stake in shares of SolarEdge Technologies in the 2nd quarter worth about $28,000. GAMMA Investing LLC bought a new stake in shares of SolarEdge Technologies in the 4th quarter worth about $30,000. Versant Capital Management Inc raised its position in SolarEdge Technologies by 1,066.7% in the 1st quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 640 shares during the period. Finally, EntryPoint Capital LLC purchased a new position in SolarEdge Technologies during the 1st quarter valued at $64,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

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.