SolarEdge Technologies (SEDG) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, SolarEdge Technologies (SEDG) closed at $327.61, marking a -0.02% move from the previous day. This move lagged the S&P 500's daily gain of 1.47%. Meanwhile, the Dow lost 0.11%, and the Nasdaq, a tech-heavy index, added 7.94%.
Coming into today, shares of the photovoltaic products maker had gained 12.78% in the past month. In that same time, the Oils-Energy sector gained 1.59%, while the S&P 500 gained 7.41%.
Wall Street will be looking for positivity from SolarEdge Technologies as it approaches its next earnings report date. This is expected to be February 13, 2023. On that day, SolarEdge Technologies is projected to report earnings of $1.59 per share, which would represent year-over-year growth of 44.55%. Meanwhile, our latest consensus estimate is calling for revenue of $875.38 million, up 58.61% from the prior-year quarter.
Any recent changes to analyst estimates for SolarEdge Technologies should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 1.18% higher. SolarEdge Technologies is currently a Zacks Rank #2 (Buy).
Valuation is also important, so investors should note that SolarEdge Technologies has a Forward P/E ratio of 37.53 right now. For comparison, its industry has an average Forward P/E of 37.53, which means SolarEdge Technologies is trading at a no noticeable deviation to the group.
Meanwhile, SEDG's PEG ratio is currently 1.09. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Solar was holding an average PEG ratio of 0.91 at yesterday's closing price.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 49, putting it in the top 20% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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SolarEdge Technologies, Inc. (SEDG) : Free Stock Analysis Report
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