Shares of SolarEdge (NASDAQ:SEDG) plummeted in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $2.79, which beat analysts’ consensus estimate of $2.53 per share. Sales increased by 36.2% year-over-year, with revenue hitting $991.29. This missed analysts’ expectations by $4.6 million.
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Looking forward, management now expects revenue and adjusted operating income for Q3 2023 to be in the ranges of $880 million to $920 million and $115 million to $135 million, respectively. For reference, analysts were expecting $1.053 billion in sales.
Is SEDG Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on SEDG stock based on 13 Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic above. In addition, the average price target of $379.21 per share implies 58.35% upside potential.
