Solaredge Technologies Inc SEDG shares are trading higher in sympathy with Enphase Energy ENPH, which reported better-than-expected third-quarter results and issued strong fourth-quarter guidance.
Enphase Energy reported quarterly earnings of 60 cents per share which beat the analyst consensus estimate of 48 cents per share by 25%. The company also reported quarterly sales of $351.50 million which beat the analyst consensus estimate of $343.15 million by 2.4%.
Keybanc analyst Sophie Karp also maintained Enphase Energy with an Overweight and raised the price target from $179 to $216.
SolarEdge Technologies designs, develops and sells direct current optimized inverter systems for solar photovoltaic installations. The company system consists of power optimizers, inverters and cloud-based monitoring platform and addresses a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations.
SolarEdge has a 52-week high of $377.00 and a 52-week low of $190.10.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
