Why SolarEdge Stock Is Down After Earnings

SolarEdge Technologies, Inc. SEDG shares are trading lower Wednesday after the company posted mixed fourth-quarter financial results and issued weak guidance after the market close on Tuesday.

The Details:

SolarEdge Technologies reported quarterly losses of 92 cents per share which beat the analyst consensus estimate of losses of $1.33 by 30.83%.

However, the company reported quarterly sales of $316 million, missing the analyst consensus estimate of $323.3 million by 2.26% and representing a 64.52% decrease over sales of $890.7 million from the same period last year.

SolarEdge also issued weak first-quarter guidance of revenue within a range of $175 million to $215 million, with revenue from the solar segment to be within the range of $160 million to $200 million, far below the consensus estimate of $406.29 million for the first quarter. 

Canaccord Genuity analyst Austin Moeller reiterated SolarEdge with a Hold rating and maintained a $75 price target on Wednesday. 

Related News: What’s Going On With Rivian Stock Ahead Of Earnings?

Will SEDG Stock Go Up:

When trying to assess whether or not SolarEdge Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $82.65 on SolarEdge Technologies. The Street high target is currently at $133.0 and the Street low target is $33.46. Of all the analysts covering SolarEdge Technologies, 2 have positive ratings, 7 have neutral ratings and 4 have negative ratings.

In the last month, 6 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering SolarEdge Technologies have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. SolarEdge Technologies is 75.87% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about SolarEdge Technologies, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

SEDG Price Action: According to Benzinga Pro, SolarEdge shares are down 15.8% at $71.04 at the time of publication.

Image: mariana-proenca from Unsplash