Solaredge Technologies (SEDG) Stock Rating Lowered by Zacks Investment Research

Solaredge Technologies (NASDAQ:SEDG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday, August 9th.

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. “

Several other research firms have also recently commented on SEDG. Cowen restated a “buy” rating and issued a $57.00 target price on shares of Solaredge Technologies in a research report on Friday, August 3rd. BidaskClub cut shares of Solaredge Technologies from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 25th. Canaccord Genuity set a $55.00 target price on shares of Solaredge Technologies and gave the stock a “buy” rating in a research report on Sunday, May 6th. B. Riley set a $60.00 target price on shares of Solaredge Technologies and gave the stock a “buy” rating in a research report on Tuesday, May 8th. Finally, Roth Capital set a $70.00 target price on shares of Solaredge Technologies and gave the stock a “buy” rating in a research report on Saturday, May 26th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $58.36.

NASDAQ:SEDG traded up $0.05 on Thursday, reaching $47.95. The stock had a trading volume of 606,100 shares, compared to its average volume of 970,866. The stock has a market cap of $2.18 billion, a P/E ratio of 21.31, a PEG ratio of 0.77 and a beta of -0.43. Solaredge Technologies has a 12-month low of $24.70 and a 12-month high of $70.74.

Solaredge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Thursday, August 2nd. The semiconductor company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.09. The company had revenue of $227.10 million during the quarter, compared to analysts’ expectations of $225.31 million. Solaredge Technologies had a net margin of 14.85% and a return on equity of 32.26%. The firm’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.55 EPS. analysts predict that Solaredge Technologies will post 2.82 earnings per share for the current year.

In other news, VP Meir Adest sold 24,000 shares of the stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $49.80, for a total value of $1,195,200.00. Following the completion of the transaction, the vice president now directly owns 364,456 shares in the company, valued at $18,149,908.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 55,042 shares of company stock valued at $2,917,295 over the last quarter. Insiders own 9.70% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in Solaredge Technologies by 2.9% during the second quarter. Bank of New York Mellon Corp now owns 309,560 shares of the semiconductor company’s stock worth $14,811,000 after buying an additional 8,679 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Solaredge Technologies by 5.8% during the second quarter. Schroder Investment Management Group now owns 104,188 shares of the semiconductor company’s stock worth $5,157,000 after buying an additional 5,699 shares in the last quarter. M Holdings Securities Inc. bought a new stake in Solaredge Technologies during the second quarter worth approximately $233,000. Bank of Nova Scotia boosted its holdings in Solaredge Technologies by 226.4% during the second quarter. Bank of Nova Scotia now owns 155,700 shares of the semiconductor company’s stock worth $7,450,000 after buying an additional 108,000 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in Solaredge Technologies by 430.8% during the second quarter. Cubist Systematic Strategies LLC now owns 33,310 shares of the semiconductor company’s stock worth $1,594,000 after buying an additional 27,035 shares in the last quarter. Hedge funds and other institutional investors own 73.85% of the company’s stock.

About Solaredge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in Israel, the United States, the Netherlands, Europe, and internationally. The company's DC optimized inverter systems include power optimizers and inverters, as well as a cloud-based monitoring platform.

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