Morgan Stanley Reiterates “Underweight” Rating for SolarEdge Technologies (NASDAQ:SEDG)

SolarEdge Technologies (NASDAQ:SEDG)‘s stock had its “underweight” rating reaffirmed by equities researchers at Morgan Stanley in a research note issued on Friday, MarketBeat reports. They presently have a $9.00 target price on the semiconductor company’s stock, down from their previous target price of $23.00. Morgan Stanley’s price target indicates a potential downside of 15.41% from the stock’s current price.

Several other equities analysts have also commented on the stock. Royal Bank of Canada reduced their target price on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 15th. Scotiabank lowered their target price on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. BMO Capital Markets reduced their price target on SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a research report on Thursday, November 7th. TD Cowen lowered their price objective on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. dropped their price objective on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Ten investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $22.79.

SolarEdge Technologies Stock Down 17.1 %

SEDG opened at $10.64 on Friday. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The business’s fifty day simple moving average is $18.19 and its 200 day simple moving average is $29.11. SolarEdge Technologies has a 52 week low of $10.55 and a 52 week high of $103.15. The stock has a market cap of $616.59 million, a PE ratio of -0.37 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. During the same period in the prior year, the business posted ($1.03) earnings per share. The business’s quarterly revenue was down 64.0% on a year-over-year basis. As a group, research analysts expect that SolarEdge Technologies will post -17.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction that occurred on Monday, November 11th. The stock was bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the transaction, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.67% of the stock is owned by company insiders.

Institutional Investors Weigh In On SolarEdge Technologies

A number of institutional investors have recently modified their holdings of the stock. Yelin Lapidot Holdings Management Ltd. raised its position in shares of SolarEdge Technologies by 5.1% in the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock worth $294,000 after purchasing an additional 564 shares during the last quarter. Swiss National Bank lifted its stake in shares of SolarEdge Technologies by 0.5% in the first quarter. Swiss National Bank now owns 112,100 shares of the semiconductor company’s stock worth $7,957,000 after buying an additional 600 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of SolarEdge Technologies by 2.5% during the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock valued at $727,000 after buying an additional 700 shares during the last quarter. Bank Hapoalim BM increased its position in shares of SolarEdge Technologies by 2.5% during the third quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after acquiring an additional 812 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in SolarEdge Technologies by 1.6% in the 1st quarter. California State Teachers Retirement System now owns 51,728 shares of the semiconductor company’s stock worth $3,672,000 after acquiring an additional 827 shares during the last quarter. 95.10% 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, 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.