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SolarEdge Technologies Shares Plunge 19% Following Q2 Revenue Miss, EPS Beat Estimates
Aug 4, 2022 12:04 PM - Davit Kirakosyan
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SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares plummeted more than 19% on Wednesday following the company’s reported Q2 results, with revenue coming in at $727.8 million, missing the Street estimate of $730.65 million. Q2 EPS of $0.95 came in better than the Street estimate of $0.88.
The company expects Q3/22 revenue to be in the range of $810-840 million, compared to the Street estimate of $813.27 million.
According to the analysts at Oppenheimer, the company is navigating ongoing supply chain disruptions and FX pressures relatively well. The analysts mentioned they were encouraged to see the company pushing through price increases, expanding its sourcing efforts on key components and evolving its core software capabilities while growing the revenue by over 50%.
The analysts raised their revenue and GAAP EPS estimates to $3.073 billion/$3.12 from $2.987 billion/$3.89. Their 2023 estimates moved to $3.922 billion/$5.53 from $3.819 billion/ $5.60. The analysts raised their price target to $400 from $334, while maintaining their Outperform rating.
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