Solaredge Technologies (NASDAQ:SEDG) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Solaredge Technologies (NASDAQ:SEDG) from a strong-buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

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. “

A number of other research analysts have also recently weighed in on the stock. Oppenheimer boosted their price objective on shares of Solaredge Technologies from $66.00 to $78.00 and gave the company an outperform rating in a research report on Wednesday, August 7th. Cascend Securities reiterated a buy rating and set a $75.00 price objective (up previously from $65.00) on shares of Solaredge Technologies in a research report on Thursday, June 27th. ValuEngine cut shares of Solaredge Technologies from a buy rating to a hold rating in a research report on Wednesday, October 2nd. TheStreet upgraded shares of Solaredge Technologies from a c+ rating to a b- rating in a research report on Wednesday, August 7th. Finally, Goldman Sachs Group upgraded shares of Solaredge Technologies from a sell rating to a neutral rating and upped their price target for the stock from $35.00 to $52.00 in a report on Monday, June 17th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. Solaredge Technologies presently has a consensus rating of Buy and a consensus price target of $78.07.

SEDG stock traded up $0.56 during mid-day trading on Wednesday, reaching $88.95. 713,016 shares of the stock traded hands, compared to its average volume of 1,277,737. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.98 and a current ratio of 2.49. Solaredge Technologies has a one year low of $32.42 and a one year high of $91.45. The stock has a market capitalization of $4.10 billion, a PE ratio of 37.20, a PEG ratio of 1.30 and a beta of 0.06. The business has a 50-day moving average price of $82.64 and a two-hundred day moving average price of $62.94.

Solaredge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.01. Solaredge Technologies had a net margin of 10.09% and a return on equity of 17.81%. The business had revenue of $325.00 million for the quarter, compared to analysts’ expectations of $315.53 million. During the same quarter in the previous year, the business posted $0.82 earnings per share. The business’s revenue was up 43.1% compared to the same quarter last year. On average, equities analysts expect that Solaredge Technologies will post 2.99 earnings per share for the current fiscal year.

In other Solaredge Technologies news, Director More Avery sold 14,891 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $81.14, for a total transaction of $1,208,255.74. Following the transaction, the director now directly owns 585,611 shares in the company, valued at approximately $47,516,476.54. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Zvi Lando sold 28,604 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $78.55, for a total transaction of $2,246,844.20. Following the transaction, the vice president now owns 101,313 shares in the company, valued at $7,958,136.15. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 241,599 shares of company stock worth $20,141,696. Company insiders own 7.90% of the company’s stock.

A number of institutional investors have recently modified their holdings of SEDG. NumerixS Investment Technologies Inc grew its holdings in Solaredge Technologies by 44.4% during the 1st quarter. NumerixS Investment Technologies Inc now owns 2,600 shares of the semiconductor company’s stock worth $98,000 after acquiring an additional 800 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its holdings in Solaredge Technologies by 25.8% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 833,383 shares of the semiconductor company’s stock worth $31,401,000 after acquiring an additional 171,083 shares in the last quarter. Firsthand Capital Management Inc. grew its holdings in Solaredge Technologies by 571.4% during the 1st quarter. Firsthand Capital Management Inc. now owns 47,000 shares of the semiconductor company’s stock worth $1,771,000 after acquiring an additional 40,000 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd grew its holdings in Solaredge Technologies by 24.2% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,679,446 shares of the semiconductor company’s stock worth $63,282,000 after acquiring an additional 326,831 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Solaredge Technologies during the 1st quarter worth about $1,228,000. Institutional investors own 80.44% of the company’s stock.

Solaredge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.

Read More: Terms to Better Understand Call Options

Get a free copy of the Zacks research report on Solaredge Technologies (SEDG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Solaredge Technologies (NASDAQ:SEDG)

Receive News & Ratings for Solaredge Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Solaredge Technologies and related companies with MarketBeat.com's FREE daily email newsletter.