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Why the Market Dipped But SolarEdge Technologies (SEDG) Gained Today

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SolarEdge Technologies (SEDG - Free Report) closed the latest trading day at $68.77, indicating a +0.56% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily loss of 1.23%. Elsewhere, the Dow saw a downswing of 1.36%, while the tech-heavy Nasdaq depreciated by 1.4%.

Shares of the photovoltaic products maker witnessed a loss of 2.8% over the previous month, trailing the performance of the Oils-Energy sector with its gain of 9.61% and the S&P 500's gain of 1.61%.

Market participants will be closely following the financial results of SolarEdge Technologies in its upcoming release. The company's upcoming EPS is projected at -$1.53, signifying a 152.76% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $199.51 million, indicating a 78.86% downward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$1.84 per share and a revenue of $1.65 billion, signifying shifts of -144.66% and -44.62%, respectively, from the last year.

Investors should also note any recent changes to analyst estimates for SolarEdge Technologies. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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 past month, the Zacks Consensus EPS estimate has moved 2.73% lower. As of now, SolarEdge Technologies holds a Zacks Rank of #3 (Hold).

The Solar industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 147, this industry ranks in the bottom 42% of all industries, numbering over 250.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

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