Shares of SolarEdge Technologies (NASDAQ:SEDG) gained over 8% in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $2.90, which beat analysts’ consensus estimate of $1.94 per share. Sales increased by 44.1% year-over-year, with revenue hitting $943.9 million. This beat analysts’ expectations of $931.85 billion.
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SolarEdge management also offered some guidance going forward. Second-quarter revenues are expected between $970 million and $1.01 billion, compared to consensus estimates of $989.82 million. SolarEdge also looks for gross margin to be between 32% and 35%, operating profit between $195 million and $215 million and solar segment revenues between $930 million and $980 million.
Overall, Wall Street has a consensus price target of $375.09 on SEDG stock, implying 42.18% upside potential, as indicated by the graphic above.
