SolarEdge Technologies (NASDAQ:SEDG) Trading Down 4.8% Following Analyst Downgrade

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock price dropped 4.8% on Tuesday after Jefferies Financial Group lowered their price target on the stock from $12.00 to $9.00. Jefferies Financial Group currently has an underperform rating on the stock. SolarEdge Technologies traded as low as $13.56 and last traded at $13.25. Approximately 551,996 shares were traded during trading, a decline of 87% from the average daily volume of 4,175,801 shares. The stock had previously closed at $13.92.

SEDG has been the subject of several other reports. Truist Financial decreased their target price on SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, January 16th. Northland Capmk downgraded shares of SolarEdge Technologies from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 20th. Glj Research raised shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. The Goldman Sachs Group upped their price objective on shares of SolarEdge Technologies from $21.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Finally, Piper Sandler boosted their target price on SolarEdge Technologies from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Ten investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $21.50.

Insider Activity at SolarEdge Technologies

In related news, Chairman More Avery purchased 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were acquired at an average price of $13.70 per share, for a total transaction of $411,000.00. Following the purchase, the chairman now owns 274,478 shares in the company, valued at approximately $3,760,348.60. This represents a 12.27 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd bought a new position in shares of SolarEdge Technologies during the third quarter worth approximately $278,000. Geode Capital Management LLC raised its holdings in SolarEdge Technologies by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock valued at $16,227,000 after acquiring an additional 25,474 shares in the last quarter. Tidal Investments LLC lifted its position in shares of SolarEdge Technologies by 19.7% during the 3rd quarter. Tidal Investments LLC now owns 63,862 shares of the semiconductor company’s stock valued at $1,463,000 after acquiring an additional 10,515 shares during the period. GAMMA Investing LLC grew its holdings in shares of SolarEdge Technologies by 655.2% during the 4th quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after purchasing an additional 4,567 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in SolarEdge Technologies by 182.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock valued at $11,888,000 after purchasing an additional 564,490 shares in the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

The stock’s fifty day moving average price is $15.79 and its two-hundred day moving average price is $15.37. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.46 and a current ratio of 1.95. The company has a market cap of $757.24 million, a P/E ratio of -0.41 and a beta of 1.63.

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.