SolarEdge Technologies (SEDG.US), the US company manufacturing parts for photovoltaic arrays, drops over 20% today following a release of earnings report yesterday. Company generated $338.1 million in revenue in the July-September period, down 18% year-over-year (exp. $342.7 million). Adjusted EPS at $1.21 was unchanged year-over-year and higher than $0.82 expected. While both earnings and sales turned out to be better than expected, SolarEdge missed on the Q4 guidance. Company said that it expects revenue in the $345-365 million range in the final quarter of 2020. Meanwhile, markets expected guidance in the $348-428 million range. On a positive note, SolarEdge said that solar business outside of the United States has reached all-time high and that solar installations in the US are almost at pre-pandemic levels.
Share price of SolarEdge Technologies (SEDG.US) crashed today after the company missed on guidance for Q4 revenue. Stock dropped below the swing level at 78.6% retracement of a recent rally. Finishing the day below $200 could create a bearish bias. Source: xStation5
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