Third-quarter loss was $15.31 per share, a much wider loss than expected, impacted by $1 billion in write downs.
After the close of Wednesday's regular session, leading solar inverter system supplier SolarEdge Technologies reported another set of disappointing quarterly results. While revenues came in at the very low end of the previously provided guidance range, margins and inventory levels were impacted by an eye-catching $1.025 billion in impairment charges. Elevated cash usage continued during the quarter, thus resulting in an additional $100+ million reduction of the company's net cash position.
SolarEdge Technologies (SEDG) came out with a quarterly loss of $15.33 per share versus the Zacks Consensus Estimate of a loss of $1.55. This compares to loss of $0.55 per share a year ago.
The latest trading day saw SolarEdge Technologies (SEDG) settling at $16.89, representing a +0.72% change from its previous close.
Recently, shares of leading solar inverter system supplier SolarEdge Technologies, Inc. have deteriorated to new multi-year lows. With the company's core European market plagued by weak customer confidence, regulatory uncertainties, and competitive pressures, investors are heading for the exits. On Tuesday, competitor Enphase Energy reported disappointing Q3 results and provided a weak near-term outlook, with Europe expected to deteriorate even further.
SolarEdge Technologies Inc SEDG shares have lost more than 80% year to date.
TD Cowen analysts cut their rating on the solar-equipment company to Hold from Buy and slash their price target to $16 from $35.
SolarEdge Technologies (SEDG) concluded the recent trading session at $20.13, signifying a -0.64% move from its prior day's close.
Elon Musk is at it again, igniting the solar conversation with a tweet Tuesday.
SolarEdge's revenue has stabilized, with multiple positive catalysts including normalized U.S. inventories, rebounding European demand, and rising U.S. electricity prices. The valuation of SEDG stock is low, and despite some risks facing the company, the balance sheet situation is manageable, making it a buy for risk-tolerant, long-term investors. SolarEdge's Q2 revenue increased sequentially, driven by strong U.S. residential market sales and improved commercial sales, despite a year-over-year decline.
SolarEdge Technologies (SEDG) shares tumbled in early trading Tuesday, before rebounding later in the session after Jefferies downgraded the stock, pointing to tough competition in the solar power industry.
Jefferies analysts cut their rating on the solar-equipment company to Underperform from Hold.