Why SolarEdge Technologies (SEDG) Stock Is Falling Sharply

SolarEdge Technologies Inc SEDG shares are trading lower by 6.88% to $12.94 Wednesday morning. Shares of several solar stocks are trading lower in sympathy with Enphase Energy Inc ENPH, which reported worse-than-expected Q1 sales and issued weak Q2 guidance.

Additionally, Enphase received a number of analyst rating updates following the first-quarter print.

What Happened?

Enphase Energy reported quarterly earnings of $1.37 per share, which beat the analyst consensus estimate of $1.20.

The company also reported quarterly sales of $726.02 million, which missed the analyst consensus estimate of $732.30 million by roughly 1%. This sales figure is, however, a marked 64.5% percent increase over sales of $441.29 million in the same period last year...Read More

See Also: Awaiting Q1 GDP Results: Can US Economy Fend Off Recession Fears?

According to data from Benzinga Pro, SEDG has a 52-week high of $375.90 and a 52-week low of $190.15.