SolarEdge And Enphase Fall In Sympathy With Sunpower: Here's What To Know

SolarEdge Technologies, Inc. SEDG and Enphase Energy, Inc. ENPH shares both dropped Wednesday in sympathy with SunPower SPWR, which reported weak preliminary second quarter results.

What To Know: On Wednesday, SunPower reported preliminary second quarter 2023 results and offered updated guidance.

The company sees second quarter revenue of $464 million versus the $483.76 million estimate. For the fiscal year 2023, SunPower estimated a net loss of between $70 million and $90 million.

Shares of other solar stocks traded lower in sympathy.

Enphase is set to report second quarter earnings on July 27 after the market close. The company expects to report earnings of $1.25 per share and revenue of $722.12 million.

SolarEdge is set to report second quarter earnings on Aug. 1 after the market close. The company expects to report earnings of $2.51 per share and revenue of $990.89 million.

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At the time of publication, SolarEdge shares were down 6.33% at $243.03 while Enphase shares were down 3.14% at $173.84, according to Benzinga Pro.

Image by Sebastian Ganso from Pixabay