SolarEdge Technologies Inc. (NASDAQ:SEDG) was downgraded by research analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating in a note issued to investors on Thursday, The Fly reports.
Other analysts also recently issued research reports about the company. Canaccord Genuity reaffirmed a “buy” rating and set a $27.00 price objective on shares of SolarEdge Technologies in a research note on Tuesday, August 16th. Barclays PLC dropped their price objective on SolarEdge Technologies from $28.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 10th. Needham & Company LLC dropped their price objective on SolarEdge Technologies from $36.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, August 10th. FBR & Co dropped their price objective on SolarEdge Technologies from $38.00 to $32.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 10th. Finally, Deutsche Bank AG dropped their price objective on SolarEdge Technologies from $27.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, August 10th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $26.27.
SolarEdge Technologies (NASDAQ:SEDG) traded up 0.23% during mid-day trading on Thursday, hitting $17.22. The stock had a trading volume of 663,424 shares. The stock’s 50-day moving average is $16.73 and its 200 day moving average is $20.29. The company has a market capitalization of $704.26 million, a P/E ratio of 9.95 and a beta of -0.44. SolarEdge Technologies has a 52 week low of $14.41 and a 52 week high of $30.50.
SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. SolarEdge Technologies had a return on equity of 31.51% and a net margin of 15.64%. The business had revenue of $124.80 million for the quarter, compared to analyst estimates of $129.63 million. During the same period last year, the company earned $0.31 EPS. The firm’s revenue was up 26.8% on a year-over-year basis. Equities analysts forecast that SolarEdge Technologies will post $1.89 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the stock. Eqis Capital Management Inc. increased its stake in SolarEdge Technologies by 21.7% in the third quarter. Eqis Capital Management Inc. now owns 70,348 shares of the company’s stock worth $1,212,000 after buying an additional 12,543 shares in the last quarter. Wolverine Asset Management LLC bought a new stake in SolarEdge Technologies during the second quarter worth about $980,000. Royal Bank of Canada increased its stake in SolarEdge Technologies by 84.4% in the second quarter. Royal Bank of Canada now owns 18,371 shares of the company’s stock worth $360,000 after buying an additional 8,411 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in SolarEdge Technologies during the second quarter worth about $26,421,000. Finally, Sylebra HK Co Ltd increased its stake in SolarEdge Technologies by 41.2% in the second quarter. Sylebra HK Co Ltd now owns 1,208,429 shares of the company’s stock worth $23,685,000 after buying an additional 352,561 shares in the last quarter. 60.46% of the stock is currently owned by institutional investors and hedge funds.
SolarEdge Technologies Company Profile
Solaredge Technologies Inc (SolarEdge) is a provider of solar power harvesting and photovoltaic (PV) monitoring solutions. The Company’s portfolio of products includes power optimizers, PV inverters and a Web portal for module-level monitoring and fault detection. Its SolarEdge power optimizer is a DC/DC converter which is connected by installers to each PV module or embedded by module manufacturers, replacing the solar junction box.
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