Analyst Downgrades: Rapid7 Inc, Novavax, Inc., and Solaredge Technologies Inc

Analysts downwardly revised their ratings and price targets on Rapid7 Inc (NASDAQ:RPD), Novavax, Inc. (NASDAQ:NVAX), and Solaredge Technologies Inc (NASDAQ:SEDG)

Josh Selway

Nov 10, 2016 at 9:56 AM

Analysts are weighing in on cybersecurity firm Rapid7 Inc (NASDAQ:RPD), drugmaker Novavax, Inc. (NASDAQ:NVAX), and green energy stock Solaredge Technologies Inc (NASDAQ:SEDG). Here's a quick roundup of today's bearish brokerage notes on RPD, NVAX, and SEDG.

RPD is 9.3% lower at $12.90, after the company's third-quarter earning results. In response, Cowen and Company, Raymond James, and Morgan Stanley all cut their price targets, with the latter setting the lowest mark at $15. Rapid7 Inc has been moving lower ever since its 2016 peak above $18 in August, and short sellers would like to see this trend continue. Roughly 12.5% of RPD's total float is controlled by these bears, and, at the stock's average daily volumes, it would take them three weeks to cover their positions.

NVAX is down 14.1% this morning at $1.46, after the company last night announced it will be cutting 30% of its workforce. A drug-trial fail destroyed Novavax, Inc. back in September, leaving analysts in mostly bearish stances. For instance, five out of six brokerage firms rate the stock just a "hold," while Wedbush this morning dropped its price target to $1.50. More price-target cuts could be ahead, however, considering the average 12-month price target stands miles overhead at $5.02.

SEDG is also sliding, giving back 13.2% at $12.15, despite topping Wall Street's estimates in the earnings booth last night. What's more, FBR lowered its opinion on the stock to "market perform," while at least three other brokerage firms reduced their price targets. Solaredge Technologies Inc has been stair-stepping lower for months, and touched an all-time low of $11.35 earlier this morning. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), it looks like options traders have been betting on extended losses. SEDG has a 50-day put/call volume ratio of 1.57 across these exchanges, which ranks higher than 78% of the past year's readings.

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