Shares of SolarEdge Technologies (NASDAQ:SEDG) are up in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2022. Earnings per share came in at $0.91, which missed analysts’ consensus estimate of $1.47 per share.
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However, sales increased by 58.9% year-over-year, with revenue hitting $836.7. This beat analysts’ expectations of $824.4 billion.
Looking forward, management expects revenue and adjusted operating profit for Q4 2022 to be in the ranges of $855 million to $885 million and $115 million to $135 million, respectively. For reference, analysts were expecting $855.2 million in revenue for Q4.
Is SEDG a Good Stock to Buy?
SEDG has a Strong Buy consensus rating based on five Buys, one Hold, and zero Sells assigned in the past three months. The average SEDG stock price target of $347.50 implies 64.46% upside potential.
