{"id":43639,"date":"2023-08-02T16:24:47","date_gmt":"2023-08-02T20:24:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/solaredge-stock-tumbles-to-its-worst-day-in-nearly-a-year\/"},"modified":"2023-08-02T16:24:49","modified_gmt":"2023-08-02T20:24:49","slug":"solaredge-stock-tumbles-to-its-worst-day-in-nearly-a-year","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43639","title":{"rendered":"SolarEdge Stock Tumbles to Its Worst Day in Nearly a Year"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n SolarEdge Technologies
\n shares had their biggest drop in nearly a year after the maker of solar panels and inverters issued a disappointing forecast for the third quarter. <\/p>\n

The weak guidance comes just a month after solar company
\n Enphase Energy
\n (ticker: ENPHS) issued a similar forecast for the coming quarter. <\/p>\n

\n

SolarEdge (SEDG) posted $2.62 in second-quarter adjusted earnings, better than expectations for $2.56. However, revenue of $991.3 million fell short of forecasts for $993.9 million. <\/p>\n

SolarEdge\u2019s third-quarter forecast spooked markets, though. The company said it expects revenue between $880 million and $920 million, much lower than Wall Street estimates of $1.05 billion. <\/p>\n

\u201cThe\u00a0U.S.\u00a0residential solar market is currently seeing some headwinds primarily related to higher interest rates,\u201d said CEO Zvi Lando in the earnings release. Higher interest rates increase the cost of borrowing, and many people take out loans to finance solar panels. <\/p>\n

Shares of SolarEdge fell 18% to $195.51 on Wednesday, the stock\u2019s largest percentage decrease since August 2022 when it fell 19%, according to Dow Jones Market Data. <\/p>\n

Analysts at Susquehanna said the main driver of SolarEdge\u2019s guidance was an inventory buildup due to a drop in demand. The company also expects to ship fewer batteries next quarter \u201cas battery shipments have outpaced their inverter supply and needs to catch up.\u201d The analysts maintained their Positive rating on the stock but lowered their price target to $305 from $365.<\/p>\n

Inverters are a device that convert electricity into a usable energy for the electrical grid.\u00a0<\/strong><\/p>\n

Some analysts still sounded upbeat on SolarEdge. Analysts at Guggenheim acknowledged the disappointing guidance, noting that \u201cour more upbeat outlook was wrong, but we still think SEDG is the best way to participate in distributed solar growth.\u201d They maintained their Buy rating but slashed their price target to $290 from $400 and lowered estimates. <\/p>\n

Last month, Enphase, a competitor in the solar industry, also offered a weak revenue outlook for its third quarter. The company said it would cut shipments to address a buildup of inventory, which Chief Executive Badrinarayanan Kothandaraman said can be traced to weak demand for solar-power equipment in the U.S. amid high interest rates.<\/p>\n

More broadly, it has been a tough 2023 for solar stocks. Shares of SolarEdge and Enphase have shed 31% and 47% this year, respectively. <\/p>\n

Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SolarEdge Technologies shares had their biggest drop in nearly a year after the maker of solar panels and inverters issued a disappointing forecast for the third quarter. The weak guidance comes just a month after solar company Enphase Energy (ticker: ENPHS) issued a similar forecast for the coming quarter. SolarEdge (SEDG) posted $2.62 in second-quarter […]<\/p>\n","protected":false},"author":1,"featured_media":43640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-43639","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSolarEdge Stock Tumbles to Its Worst Day in Nearly a Year | iFintechWorld<\/title>\n<meta name=\"description\" content=\"SolarEdge Technologies shares had their biggest drop in nearly a year after the maker of solar panels and inverters issued a disappointing forecast for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=43639\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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