Solaredge Technologies (NASDAQ:SEDG) Lowered to Hold at Zacks Investment Research

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Zacks Investment Research downgraded shares of Solaredge Technologies (NASDAQ:SEDG) from a strong-buy rating to a hold rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “SolarEdge Technologies, Inc. provides inverter solution. The company’s SolarEdge system offers power optimizers, inverters and a cloud-based monitoring platform. It serves residential solar installations to commercial and small utility-scale solar installations. SolarEdge Technologies, Inc. is headquartered in Hod Hasharon, Israel. “

Other equities research analysts have also recently issued research reports about the stock. Northland Securities set a $88.00 price objective on shares of Solaredge Technologies and gave the stock a buy rating in a research report on Sunday, September 15th. Canaccord Genuity upped their price objective on shares of Solaredge Technologies from $62.00 to $68.00 and gave the stock a buy rating in a research report on Tuesday, July 23rd. Credit Suisse Group upped their price objective on shares of Solaredge Technologies from $70.00 to $80.00 and gave the stock a neutral rating in a research report on Friday, September 20th. JPMorgan Chase & Co. upped their price objective on shares of Solaredge Technologies from $84.00 to $100.00 and gave the stock an overweight rating in a research report on Tuesday, August 13th. Finally, BidaskClub raised shares of Solaredge Technologies from a hold rating to a buy rating in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. Solaredge Technologies currently has an average rating of Buy and an average target price of $78.07.

SEDG traded up $0.56 on Wednesday, hitting $88.95. 713,016 shares of the stock were exchanged, compared to its average volume of 1,121,424. Solaredge Technologies has a 12 month low of $32.42 and a 12 month high of $91.45. The business has a 50-day moving average of $82.64 and a two-hundred day moving average of $62.94. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.49 and a quick ratio of 1.98. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 38.43, a PEG ratio of 1.34 and a beta of 0.06.

Solaredge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.01. Solaredge Technologies had a net margin of 10.09% and a return on equity of 17.81%. The business had revenue of $325.00 million during the quarter, compared to analysts’ expectations of $315.53 million. During the same quarter in the prior year, the business posted $0.82 earnings per share. Solaredge Technologies’s revenue was up 43.1% compared to the same quarter last year. Equities research analysts expect that Solaredge Technologies will post 2.99 earnings per share for the current fiscal year.

In other Solaredge Technologies news, Director More Avery sold 14,891 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $81.14, for a total transaction of $1,208,255.74. Following the completion of the transaction, the director now owns 585,611 shares of the company’s stock, valued at $47,516,476.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Zvi Lando sold 28,604 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $78.55, for a total value of $2,246,844.20. Following the transaction, the vice president now directly owns 101,313 shares of the company’s stock, valued at approximately $7,958,136.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 241,599 shares of company stock valued at $20,141,696. Insiders own 7.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pathstone Family Office LLC acquired a new position in shares of Solaredge Technologies in the second quarter valued at approximately $31,000. C M Bidwell & Associates Ltd. acquired a new position in shares of Solaredge Technologies in the second quarter valued at approximately $32,000. Westside Investment Management Inc. acquired a new position in shares of Solaredge Technologies in the second quarter valued at approximately $35,000. Gradient Investments LLC acquired a new position in shares of Solaredge Technologies in the third quarter valued at approximately $42,000. Finally, Tower Research Capital LLC TRC acquired a new position in shares of Solaredge Technologies in the second quarter valued at approximately $69,000. 80.44% of the stock is owned by hedge funds and other institutional investors.

Solaredge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.

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