Why SolarEdge Technologies (SEDG) Dipped More Than Broader Market Today

In the latest market close, SolarEdge Technologies (SEDG) reached $13.10, with a -1.58% movement compared to the previous day. This change lagged the S&P 500's daily loss of 0.51%. At the same time, the Dow lost 0.75%, and the tech-heavy Nasdaq lost 0.28%.Shares of the photovoltaic products maker have depreciated by 10.07% over the course of the past month, underperforming the Oils-Energy sector's gain of 6.87% and the S&P 500's gain of 2.87%.Market participants will be closely following the financial results of SolarEdge Technologies in its upcoming release. In that report, analysts expect SolarEdge Technologies to post earnings of -$1.74 per share. This would mark a year-over-year decline of 89.13%. Simultaneously, our latest consensus estimate expects the revenue to be $186.25 million, showing a 41.07% drop compared to the year-ago quarter.Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for SolarEdge Technologies. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.59% increase. SolarEdge Technologies is currently sporting a Zacks Rank of #3 (Hold).The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 51, placing it within the top 21% of over 250 industries.The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks