SolarEdge Technologies (SEDG) closed the most recent trading day at $31.91, moving -4.32% from the previous trading session. This change lagged the S&P 500's daily loss of 0.03%. On the other hand, the Dow registered a loss of 0.31%, and the technology-centric Nasdaq increased by 0.01%.
The photovoltaic products maker's shares have seen an increase of 0.82% over the last month, surpassing the Oils-Energy sector's loss of 0.34% and the S&P 500's gain of 0.53%.
Market participants will be closely following the financial results of SolarEdge Technologies in its upcoming release. The company is forecasted to report an EPS of $0.03, showcasing a 109.68% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $328.24 million, showing a 3.51% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.19 per share and revenue of $1.3 billion, which would represent changes of +92.02% and +9.57%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for SolarEdge Technologies. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.04% higher. As of now, SolarEdge Technologies holds a Zacks Rank of #3 (Hold).
The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 233, placing it within the bottom 6% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).