Why SolarEdge Technologies Stock Is Shining Today
Shares of SolarEdge Technologies (NASDAQ: SEDG) caught a welcome ray of sunlight on Tuesday. The stock jumped as much as 20.3% higher in the morning session, backing down to a still-impressive gain of 16% at noon ET today. The maker of power management systems used in solar power installations crushed Wall Street's expectations in this morning's first-quarter report.
Your average analyst expected SolarEdge to report an adjusted net loss of $1.16 per share, based on revenue in the neighborhood of $204.2 million. It was a gloomy forecast, but the actual figures told a different story.
Sales rose 12% year over year to $219.5 million. The adjusted loss stopped at $1.14 per share, compared to a $3.52 loss per share in the year-ago period.
Source Fool.com