Solaredge Technologies (SEDG) Shares Down 5.7%

Solaredge Technologies Inc (NASDAQ:SEDG) fell 5.7% during trading on Monday . The company traded as low as $49.58 and last traded at $50.00. 727,018 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 702,804 shares. The stock had previously closed at $53.01.

A number of research firms have recently commented on SEDG. Roth Capital upped their price objective on shares of Solaredge Technologies from $50.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. ValuEngine lowered shares of Solaredge Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday. BidaskClub lowered shares of Solaredge Technologies from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. Credit Suisse Group upped their price objective on shares of Solaredge Technologies from $43.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Finally, JMP Securities raised shares of Solaredge Technologies from an “underperform” rating to an “outperform” rating and upped their price objective for the company from $31.00 to $60.00 in a research note on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Solaredge Technologies presently has a consensus rating of “Hold” and an average price target of $55.33.

The company has a market capitalization of $2.42 billion, a PE ratio of 19.31, a price-to-earnings-growth ratio of 0.87 and a beta of 0.26. The company has a current ratio of 2.89, a quick ratio of 2.28 and a debt-to-equity ratio of 0.05.

Solaredge Technologies (NASDAQ:SEDG) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.14). The company had revenue of $271.90 million for the quarter, compared to the consensus estimate of $266.11 million. Solaredge Technologies had a return on equity of 19.57% and a net margin of 11.23%. The firm’s revenue was up 29.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.87 earnings per share. Equities analysts anticipate that Solaredge Technologies Inc will post 2.6 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SEDG. Bank of New York Mellon Corp raised its stake in shares of Solaredge Technologies by 18.6% during the third quarter. Bank of New York Mellon Corp now owns 367,063 shares of the semiconductor company’s stock worth $13,820,000 after acquiring an additional 57,503 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Solaredge Technologies by 140.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 76,533 shares of the semiconductor company’s stock valued at $2,882,000 after acquiring an additional 44,639 shares during the period. Legal & General Group Plc boosted its stake in Solaredge Technologies by 20.7% in the 3rd quarter. Legal & General Group Plc now owns 93,136 shares of the semiconductor company’s stock worth $3,518,000 after purchasing an additional 15,956 shares during the period. Vanguard Group Inc. boosted its stake in Solaredge Technologies by 21.1% in the 3rd quarter. Vanguard Group Inc. now owns 1,910,830 shares of the semiconductor company’s stock worth $71,943,000 after purchasing an additional 332,393 shares during the period. Finally, Vanguard Group Inc boosted its stake in Solaredge Technologies by 21.1% in the 3rd quarter. Vanguard Group Inc now owns 1,910,830 shares of the semiconductor company’s stock worth $71,943,000 after purchasing an additional 332,393 shares during the period. Institutional investors and hedge funds own 81.71% of the company’s stock.

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About Solaredge Technologies (NASDAQ:SEDG)

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.

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