SolarEdge Technologies (NASDAQ:SEDG) Stock Falls 4.2% – Time to Sell?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) traded down 4.2% during trading on Monday. The company traded as low as $30.11 and last traded at $30.0550. Approximately 776,347 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 3,382,568 shares. The stock had previously closed at $31.36.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. UBS Group raised shares of SolarEdge Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $36.00 to $42.00 in a research report on Wednesday, August 26th. Morgan Stanley reduced their price target on shares of SolarEdge Technologies from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Friday, September 11th. Barclays lowered their price objective on shares of SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 7th. Royal Bank Of Canada lifted their target price on shares of SolarEdge Technologies from $24.00 to $30.00 and gave the company a “sector perform” rating in a report on Friday, September 11th. Finally, Weiss Ratings raised shares of SolarEdge Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Two research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Reduce” and a consensus target price of $38.73.

SolarEdge Technologies Stock Down 1.5%

The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.38 and a current ratio of 2.03. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -6.86 and a beta of 1.44. The business has a 50-day simple moving average of $32.94 and a 200-day simple moving average of $44.82.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%. The business had revenue of $346.20 million during the quarter, compared to the consensus estimate of $341.15 million. During the same period in the previous year, the company posted ($0.81) earnings per share. The business’s revenue for the quarter was up 19.6% on a year-over-year basis. On average, equities analysts anticipate that SolarEdge Technologies, Inc. will post -1.20 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Large investors have recently modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of SolarEdge Technologies during the second quarter worth $55,514,000. Bank of America Corp DE raised its stake in SolarEdge Technologies by 218.6% in the first quarter. Bank of America Corp DE now owns 404,297 shares of the semiconductor company’s stock valued at $20,639,000 after buying an additional 277,385 shares in the last quarter. Legal & General Group Plc purchased a new stake in SolarEdge Technologies during the 2nd quarter worth about $76,095,000. Handelsbanken Fonder AB lifted its holdings in SolarEdge Technologies by 16.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company’s stock worth $71,905,000 after buying an additional 175,281 shares during the last quarter. Finally, Man Group plc acquired a new position in shares of SolarEdge Technologies during the 2nd quarter worth about $6,540,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

About SolarEdge Technologies

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for generating, storing and managing solar energy. The company is best known for its power optimizer and inverter architecture, which is designed to improve energy harvesting from photovoltaic panels and provide monitoring and control at the module level.

Its product portfolio includes power optimizers, residential and commercial inverters, battery-storage systems, backup-power solutions, electric-vehicle charging equipment and energy-management software.