SolarEdge Stock Drops As Revenue Falls Short

SolarEdge stock plummeted Wednesday on the heels of second-quarter results that missed Wall Street revenue estimates but beat on earnings.

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SolarEdge (SEDG), which makes solar-power equipment, late Tuesday reported adjusted earnings of 95 cents per share on revenue of $727.8 million. Analysts expected SolarEdge to report earnings of 88 cents per share on revenue of $731 million, according to FactSet.

SolarEdge Stock Action

SolarEdge stock plunged 19.1%, closing at 295.52 on the stock market today. Revenue climbed 52% from the year-ago quarter.

SolarEdge stock has an RS Rating of 97 out of a best-possible 99, while its EPS Rating is 92.

SolarEdge designs and manufactures intelligent inverter systems that improve the performance of solar panels.

The company estimated third-quarter revenue to be in the range of $810 million to $840 million. The midpoint of $825 million is above estimates of $821 million.

“While we continue to face growing supply chain challenges, some related to our rapid growth in an environment of component shortages, and macro-economic trends as a result of our global footprint, we continue to support our customers while building the infrastructure for sustainable growth,” CEO Zvi Lando said in a written statement.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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