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SolarEdge Technologies (SEDG) Stock Declines While Market Improves: Some Information for Investors
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SolarEdge Technologies (SEDG - Free Report) closed at $75.51 in the latest trading session, marking a -0.88% move from the prior day. This change lagged the S&P 500's daily gain of 0.06%. At the same time, the Dow added 0.13%, and the tech-heavy Nasdaq gained 0.24%.
Coming into today, shares of the photovoltaic products maker had lost 5.96% in the past month. In that same time, the Oils-Energy sector lost 1.2%, while the S&P 500 gained 6.45%.
Analysts and investors alike will be keeping a close eye on the performance of SolarEdge Technologies in its upcoming earnings disclosure. The company's earnings report is set to go public on February 20, 2024. The company is expected to report EPS of -$1.52, down 153.15% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $322.67 million, indicating a 63.77% decline compared to the corresponding quarter of the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for SolarEdge Technologies. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 1.47% fall in the Zacks Consensus EPS estimate. SolarEdge Technologies is currently a Zacks Rank #3 (Hold).
With respect to valuation, SolarEdge Technologies is currently being traded at a Forward P/E ratio of 100. For comparison, its industry has an average Forward P/E of 11.34, which means SolarEdge Technologies is trading at a premium to the group.
It's also important to note that SEDG currently trades at a PEG ratio of 7.64. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Solar industry had an average PEG ratio of 1.4 as trading concluded yesterday.
The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 115, placing it within the top 46% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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SolarEdge Technologies (SEDG) Stock Declines While Market Improves: Some Information for Investors
SolarEdge Technologies (SEDG - Free Report) closed at $75.51 in the latest trading session, marking a -0.88% move from the prior day. This change lagged the S&P 500's daily gain of 0.06%. At the same time, the Dow added 0.13%, and the tech-heavy Nasdaq gained 0.24%.
Coming into today, shares of the photovoltaic products maker had lost 5.96% in the past month. In that same time, the Oils-Energy sector lost 1.2%, while the S&P 500 gained 6.45%.
Analysts and investors alike will be keeping a close eye on the performance of SolarEdge Technologies in its upcoming earnings disclosure. The company's earnings report is set to go public on February 20, 2024. The company is expected to report EPS of -$1.52, down 153.15% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $322.67 million, indicating a 63.77% decline compared to the corresponding quarter of the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for SolarEdge Technologies. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 1.47% fall in the Zacks Consensus EPS estimate. SolarEdge Technologies is currently a Zacks Rank #3 (Hold).
With respect to valuation, SolarEdge Technologies is currently being traded at a Forward P/E ratio of 100. For comparison, its industry has an average Forward P/E of 11.34, which means SolarEdge Technologies is trading at a premium to the group.
It's also important to note that SEDG currently trades at a PEG ratio of 7.64. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Solar industry had an average PEG ratio of 1.4 as trading concluded yesterday.
The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 115, placing it within the top 46% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.