SolarEdge Technologies (NASDAQ:SEDG) Hits New 1-Year Low – Should You Sell?

SolarEdge Technologies, Inc. (NASDAQ:SEDG) reached a new 52-week low during mid-day trading on Wednesday. The company traded as low as $28.11 and last traded at $29.0340, with a volume of 2,734,194 shares traded. The stock had previously closed at $32.16.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. TD Cowen lowered their price target on SolarEdge Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Wall Street Zen lowered SolarEdge Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, October 24th. BMO Capital Markets cut their price objective on shares of SolarEdge Technologies from $31.00 to $28.00 and set an “underperform” rating for the company in a research report on Wednesday, October 21st. UBS Group upgraded SolarEdge Technologies from a “neutral” rating to a “buy” rating and raised their price target for the stock from $36.00 to $42.00 in a research report on Wednesday, August 26th. Finally, Barclays cut their price objective on SolarEdge Technologies from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 7th. Two equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $38.53.

SolarEdge Technologies Price Performance

The stock has a market capitalization of $1.82 billion, a PE ratio of -6.60 and a beta of 1.44. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.03 and a quick ratio of 1.38. The firm’s 50 day simple moving average is $32.88 and its 200 day simple moving average is $42.26.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.07. The business had revenue of $346.20 million during the quarter, compared to analysts’ expectations of $341.15 million. SolarEdge Technologies had a negative net margin of 20.29% and a negative return on equity of 29.17%. The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.81) EPS. As a group, equities analysts forecast that SolarEdge Technologies, Inc. will post -1.21 EPS for the current fiscal year.

Institutional Trading of SolarEdge Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc acquired a new position in SolarEdge Technologies during the 2nd quarter valued at about $76,095,000. Clal Insurance Enterprises Holdings Ltd purchased a new position in shares of SolarEdge Technologies in the 2nd quarter valued at approximately $55,514,000. Meitav Investment House Ltd. boosted its stake in SolarEdge Technologies by 541.6% in the 1st quarter. Meitav Investment House Ltd. now owns 1,017,551 shares of the semiconductor company’s stock worth $51,946,000 after purchasing an additional 858,954 shares in the last quarter. Bank of America Corp DE grew its position in SolarEdge Technologies by 218.6% during the 1st quarter. Bank of America Corp DE now owns 404,297 shares of the semiconductor company’s stock worth $20,639,000 after purchasing an additional 277,385 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in SolarEdge Technologies by 303.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 314,066 shares of the semiconductor company’s stock valued at $16,031,000 after purchasing an additional 236,176 shares in the last quarter. Hedge funds and other institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.

The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.