SolarEdge Technologies (NASDAQ:SEDG) Shares Down 5.7% – Here’s What Happened

Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) traded down 5.7% during trading on Thursday. The stock traded as low as $30.32 and last traded at $30.04. Approximately 356,734 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 3,420,273 shares. The stock had previously closed at $31.87.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SEDG. JPMorgan Chase & Co. increased their target price on shares of SolarEdge Technologies from $37.00 to $44.00 and gave the company a “neutral” rating in a research report on Friday, September 11th. Wells Fargo & Company assumed coverage on shares of SolarEdge Technologies in a report on Monday, June 29th. They issued an “equal weight” rating and a $36.00 price target on the stock. Glj Research reissued a “sell” rating on shares of SolarEdge Technologies in a report on Thursday, June 11th. UBS Group raised SolarEdge Technologies from a “neutral” rating to a “buy” rating and raised their target price for the stock from $36.00 to $42.00 in a research report on Wednesday, August 26th. Finally, Barclays dropped their price target on SolarEdge Technologies from $53.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 6th. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $39.20.

SolarEdge Technologies Stock Performance

The company has a market capitalization of $1.91 billion, a P/E ratio of -6.91 and a beta of 1.44. The company has a current ratio of 2.03, a quick ratio of 1.38 and a debt-to-equity ratio of 0.85. The company’s fifty day moving average is $34.89 and its 200 day moving average is $46.02.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $346.20 million for the quarter, compared to the consensus estimate of $341.15 million. During the same quarter in the prior year, the business posted ($0.81) earnings per share. The business’s quarterly revenue was up 19.6% on a year-over-year basis. As a group, equities analysts anticipate that SolarEdge Technologies, Inc. will post -1.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in SolarEdge Technologies by 0.7% during the 2nd quarter. State Street Corp now owns 1,761,901 shares of the semiconductor company’s stock valued at $102,965,000 after buying an additional 12,188 shares in the last quarter. Legal & General Group Plc purchased a new position in SolarEdge Technologies during the second quarter valued at approximately $76,095,000. Handelsbanken Fonder AB grew its stake in SolarEdge Technologies by 16.6% during the second quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company’s stock valued at $71,905,000 after acquiring an additional 175,281 shares in the last quarter. Meitav Investment House Ltd. increased its holdings in SolarEdge Technologies by 541.6% during the 1st quarter. Meitav Investment House Ltd. now owns 1,017,551 shares of the semiconductor company’s stock worth $51,946,000 after acquiring an additional 858,954 shares during the period. Finally, Clal Insurance Enterprises Holdings Ltd purchased a new stake in SolarEdge Technologies in the 2nd quarter worth approximately $55,514,000. Institutional investors own 95.10% of the company’s stock.

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.