Shares of SolarEdge (NASDAQ:SEDG) lost ground in after-hours trading even after the company beats expectations when reporting earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $2.86, which beat analysts’ consensus estimate of $1.54 per share.
Sales increased by 61.4% year-over-year, with revenue hitting $890.7 million. This beat analysts’ expectations of $879.06 million. SolarEdge’s solar segment saw record revenues, turning in $837 million for the quarter. It shipped out 3.14 Gigawatts worth of inverters, as well as 217.6 MWh worth of batteries.
Looking forward, management now expects revenue for Q1 2023 to be in the range of $915 million to $945 million. For reference, analysts were expecting $914.7 million in revenue.
Overall, Wall Street has a consensus price target of $373 on SolarEdge, implying 20.3% upside potential, as indicated by the graphic above.