Why SolarEdge Stock Is Surging This Week
SolarEdge (NASDAQ: SEDG) stock saw strong bullish momentum in this week's trading. The stock gained 7.7% across the period and had been up as much as 18.4% before a bearish turn for the broader market caused a retracement. The S&P 500 index closed out the week down 1.7%, and the Nasdaq Composite was down 2.3%.SolarEdge's valuation rose following the company's fourth-quarter earnings release, which arrived with higher-than-expected sales. The stock also got a boost from bullish coverage from analysts following the Q4 report.Solar Edge reported a non-GAAP (adjusted) loss per share of $3.52 on revenue of $196.2 million in the quarter. Sales performance came in roughly $7 million better than the average Wall Street analyst estimate had forecasted, but the company's adjusted loss per share was $1.86 higher than the forecast.Continue reading
SolarEdge (NASDAQ: SEDG) stock saw strong bullish momentum in this week's trading. The stock gained 7.7% across the period and had been up as much as 18.4% before a bearish turn for the broader market caused a retracement. The S&P 500 index closed out the week down 1.7%, and the Nasdaq Composite was down 2.3%.
SolarEdge's valuation rose following the company's fourth-quarter earnings release, which arrived with higher-than-expected sales. The stock also got a boost from bullish coverage from analysts following the Q4 report.
Solar Edge reported a non-GAAP (adjusted) loss per share of $3.52 on revenue of $196.2 million in the quarter. Sales performance came in roughly $7 million better than the average Wall Street analyst estimate had forecasted, but the company's adjusted loss per share was $1.86 higher than the forecast.
