SolarEdge Technologies (SEDG) Stock Dips While Market Gains: Key Facts
SolarEdge Technologies (SEDG) closed at $78.54 in the latest trading session, marking a -1.31% move from the prior day. This change lagged the S&P 500's daily gain of 1.41%. On the other hand, the Dow registered a gain of 0.58%, and the technology-centric Nasdaq increased by 2.2%.
Coming into today, shares of the photovoltaic products maker had gained 1.51% in the past month. In that same time, the Oils-Energy sector gained 3.47%, while the S&P 500 gained 2.9%.
Market participants will be closely following the financial results of SolarEdge Technologies in its upcoming release. The company is forecasted to report an EPS of -$1.32, showcasing a 146.15% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $327.59 million, down 63.22% from the year-ago period.
Investors should also pay attention to any latest changes in analyst estimates for SolarEdge Technologies. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 643.17% decrease. SolarEdge Technologies is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note SolarEdge Technologies's current valuation metrics, including its Forward P/E ratio of 123.99. This expresses a premium compared to the average Forward P/E of 12.64 of its industry.
Also, we should mention that SEDG has a PEG ratio of 6.62. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Solar stocks are, on average, holding a PEG ratio of 1.08 based on yesterday's closing prices.
The Solar industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 215, this industry ranks in the bottom 15% of all industries, numbering over 250.
The Zacks Industry Rank is ordered 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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SolarEdge Technologies, Inc. (SEDG) : Free Stock Analysis Report
