Yahoo Finance SolarEdge Technologies (SEDG) Dips More Than Broader Markets: What You Should Know
SolarEdge Technologies (SEDG) closed the most recent trading day at $314.36, moving -0.64% from the previous trading session. This change lagged the S&P 500's 0.01% loss on the day. Elsewhere, the Dow lost 0.23%, while the tech-heavy Nasdaq added 0.97%.
Coming into today, shares of the photovoltaic products maker had gained 6.7% in the past month. In that same time, the Oils-Energy sector gained 12.26%, while the S&P 500 gained 6.23%.
SolarEdge Technologies will be looking to display strength as it nears its next earnings release, which is expected to be May 3, 2023. On that day, SolarEdge Technologies is projected to report earnings of $1.94 per share, which would represent year-over-year growth of 61.67%. Our most recent consensus estimate is calling for quarterly revenue of $928.17 million, up 41.69% from the year-ago period.
SEDG's full-year Zacks Consensus Estimates are calling for earnings of $9.37 per share and revenue of $4.04 billion. These results would represent year-over-year changes of +57.48% and +29.86%, respectively.
It is also important to note the recent changes to analyst estimates for SolarEdge Technologies. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.5% lower. SolarEdge Technologies is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note SolarEdge Technologies's current valuation metrics, including its Forward P/E ratio of 33.75. This valuation marks a premium compared to its industry's average Forward P/E of 28.18.
It is also worth noting that SEDG currently has a PEG ratio of 1.09. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Solar stocks are, on average, holding a PEG ratio of 0.98 based on yesterday's closing prices.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 67, which puts it in the top 27% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow SEDG in the coming trading sessions, be sure to utilize Zacks.com.
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SolarEdge Technologies, Inc. (SEDG) : Free Stock Analysis Report
