Citigroup downgraded SEDG to "sell" from "neutral"
Shares of SolarEdge Technologies Inc (NASDAQ:SEDG) are down 9.4% at $15.94 at last check, after Citigroup downgraded the solar name to "sell" from "neutral," with a price-target cut to $9 from $12, noting high operating expenses. Wells Fargo chimed in as well, slashing its price objective to $15 from $19. Separately, SolarEdge is increasing its board size from eight to 10 members.
The vast majority of analysts are already bearish on SolarEdge Technologies stock. Only two of the 35 analysts in question carry a "buy" rating, with 25 a "hold," and eight a "sell" or worse.
SEDG broke above pressure at $15 on Monday after the company announced it was cutting 400 jobs, but today's downturn has it on track to snap a five-day win streak. Now comfortably removed from its Nov. 20, record low of $10.24, the equity is already up 16% since the start of 2025 despite this pullback, though it still carries a 79% year-over-year deficit.
Short interest has continued to build even amid the stock's recent climb, representing a hefty 38.7% of the stock's available float. It would take shorts over four days to cover, at SEDG's average pace of trading.