SolarEdge Technologies (NASDAQ:SEDG) Sets New 52-Week Low – Here’s Why

SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $10.32 and last traded at $10.36, with a volume of 2448315 shares. The stock had previously closed at $10.85.

Analyst Ratings Changes

SEDG has been the topic of several recent research reports. Mizuho lowered SolarEdge Technologies from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $35.00 to $11.00 in a report on Thursday, November 7th. Roth Mkm dropped their price target on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Jefferies Financial Group lowered shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and reduced their price objective for the stock from $27.00 to $17.00 in a research report on Tuesday, September 17th. TD Cowen lowered their target price on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. Finally, StockNews.com raised SolarEdge Technologies to a “sell” rating in a research report on Friday, November 8th. Nine investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Stock Down 1.4 %

The stock has a market cap of $621.22 million, a PE ratio of -0.37 and a beta of 1.59. The business has a 50 day moving average price of $17.58 and a 200 day moving average price of $27.96. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The company had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. SolarEdge Technologies’s revenue was down 64.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.03) EPS. Equities research analysts expect that SolarEdge Technologies, Inc. will post -19.05 EPS for the current fiscal year.

Insider Buying and Selling at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery purchased 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The shares were acquired at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the transaction, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SolarEdge Technologies

Large investors have recently added to or reduced their stakes in the business. AMG National Trust Bank acquired a new position in shares of SolarEdge Technologies during the 3rd quarter worth about $4,055,000. Mizuho Markets Americas LLC lifted its position in SolarEdge Technologies by 653.4% in the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock valued at $4,315,000 after acquiring an additional 163,340 shares during the last quarter. Meitav Investment House Ltd. boosted its stake in SolarEdge Technologies by 9.6% in the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after acquiring an additional 51,065 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of SolarEdge Technologies during the third quarter worth about $1,495,000. Finally, E. Ohman J or Asset Management AB increased its position in shares of SolarEdge Technologies by 109.3% during the third quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company’s stock worth $8,559,000 after purchasing an additional 195,085 shares in the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

About SolarEdge Technologies

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.