Why SolarEdge Plunged Yet Again Today
Shares of solar inverter company SolarEdge Technologies (NASDAQ: SEDG) were plunging in Thursday trading despite the strong market, down 9.6% as of 12:38 p.m. ET.
The company reported earnings last night that missed expectations, while also issuing guidance that came in at a stunning 50% or so below what analysts had been forecasting for the fourth quarter. In the wake of these washed-out earnings, several analysts took their price targets and ratings down today. So despite the stock having already plunged this year, shares took another leg lower.
In the third quarter, SolarEdge's revenue fell 13.3% year over year and nearly 27% quarter over quarter, while the company dipped into net losses of $1.08 per share, which missed expectations for a small profit of $0.11.
Source Fool.com
