SolarEdge Technologies (SEDG) closed the most recent trading day at $28.97, moving -1.76% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.05%. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, added 0.45%.
Coming into today, shares of the photovoltaic products maker had gained 14.88% in the past month. In that same time, the Oils-Energy sector gained 3.82%, while the S&P 500 gained 3.44%.
Market participants will be closely following the financial results of SolarEdge Technologies in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.48, reflecting a 96.87% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $333.46 million, reflecting a 27.81% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$3.05 per share and a revenue of $1.15 billion, signifying shifts of +86.73% and +24.53%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for SolarEdge Technologies. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.06% downward. Right now, SolarEdge Technologies possesses a Zacks Rank of #3 (Hold).
The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 49, positioning it in the top 20% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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