SolarEdge Technologies (SEDG) Stock Sinks As Market Gains: What You Should Know

SolarEdge Technologies (SEDG) closed the most recent trading day at $34.68, moving -5.63% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 0.86% for the day. Meanwhile, the Dow gained 0.98%, and the Nasdaq, a tech-heavy index, added 0.96%.

Heading into today, shares of the photovoltaic products maker had gained 14.2% over the past month, outpacing the Oils-Energy sector's gain of 5.4% and the S&P 500's loss of 1.96%.

Investors will be eagerly watching for the performance of SolarEdge Technologies in its upcoming earnings disclosure. On that day, SolarEdge Technologies is projected to report earnings of $0.03 per share, which would represent year-over-year growth of 109.68%. Meanwhile, our latest consensus estimate is calling for revenue of $328.24 million, down 3.51% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates project earnings of -$0.22 per share and a revenue of $1.33 billion, demonstrating changes of +90.76% and +12.53%, respectively, from the preceding year.

Any recent changes to analyst estimates for SolarEdge Technologies should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 4.14% higher. Currently, SolarEdge Technologies is carrying a Zacks Rank of #3 (Hold).

The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 224, putting it in the bottom 9% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

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SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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