SolarEdge Technologies, Inc. (SEDG) Lowered to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) from a strong-buy rating to a hold rating in a report published on Wednesday morning.
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 analysts also recently issued research reports about the company. ValuEngine raised SolarEdge Technologies from a hold rating to a buy rating in a research note on Wednesday, August 2nd. Canaccord Genuity reissued a buy rating and issued a $25.00 price objective (up previously from $19.00) on shares of SolarEdge Technologies in a research note on Friday, July 28th. Roth Capital raised SolarEdge Technologies from a neutral rating to a buy rating and set a $26.00 price objective on the stock in a research note on Thursday, July 27th. Needham & Company LLC boosted their price objective on SolarEdge Technologies from $22.00 to $25.00 and gave the stock a buy rating in a research note on Friday, July 14th. Finally, Cowen and Company reissued a buy rating and issued a $24.00 price objective on shares of SolarEdge Technologies in a research note on Friday, July 14th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $23.11.
Shares of SolarEdge Technologies (SEDG) traded down 1.71% on Wednesday, hitting $28.75. The stock had a trading volume of 415,256 shares. The firm has a market cap of $1.21 billion, a P/E ratio of 25.49 and a beta of 0.03. SolarEdge Technologies has a 12-month low of $11.35 and a 12-month high of $29.80. The company’s 50-day moving average price is $27.39 and its 200 day moving average price is $27.39.
SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.55 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.18. SolarEdge Technologies had a return on equity of 21.01% and a net margin of 12.64%. The company had revenue of $136.10 million for the quarter, compared to the consensus estimate of $125.07 million. During the same quarter in the previous year, the business earned $0.44 EPS. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, equities research analysts forecast that SolarEdge Technologies will post $1.89 earnings per share for the current fiscal year.
In related news, VP Yoav Galin sold 10,000 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $27.34, for a total transaction of $273,400.00. Following the transaction, the vice president now directly owns 75,000 shares of the company’s stock, valued at $2,050,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Zvi Lando sold 3,192 shares of the company’s stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $22.01, for a total value of $70,255.92. Following the transaction, the vice president now directly owns 49,203 shares in the company, valued at $1,082,958.03. The disclosure for this sale can be found here. Insiders have sold 185,000 shares of company stock worth $5,062,604 over the last ninety days. 16.40% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the stock. Sei Investments Co. raised its position in SolarEdge Technologies by 380.4% during the second quarter. Sei Investments Co. now owns 6,005 shares of the semiconductor company’s stock valued at $120,000 after buying an additional 4,755 shares during the period. Globeflex Capital L P acquired a new position in SolarEdge Technologies during the second quarter valued at $157,000. Edmond DE Rothschild Holding S.A. acquired a new position in SolarEdge Technologies during the first quarter valued at $173,000. ETF Managers Group LLC acquired a new position in SolarEdge Technologies during the second quarter valued at $226,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in SolarEdge Technologies during the first quarter valued at $178,000. 57.43% of the stock is currently owned by hedge funds and other institutional investors.
SolarEdge Technologies Company Profile
SolarEdge Technologies, Inc offers an inverter solution for a solar photovoltaic (PV) system. The Company’s products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management.
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