Shares of SolarEdge are down more than 6% for the year. The firm reiterated its buy rating on the company following earnings and lifted its price target on the stock to $340 from $325. "With underperformance into the print, we see pricing power, battery deployment, and supply chain pressures abating all driving a rebound in the shares near-term." "We viewed component shortages as a top risk heading into the call and as such SEDG's ability to demonstrate line of sight to execution near-term stands out as a positive," research firm Truist said. Last week, Generac and Enphase warned that supply couldn't keep up with demand amid a boom in the solar market and supply chain bottlenecks. SolarEdge executives warned in May that the company could experience margin erosion thanks to ocean freight prices doubling. "SEDG benefited from the sales of power optimizers associated with its new commercial inverter and delivered more favorable margins than expected across both solar/non-solar segments," added Piper Sandler, which has an overweight rating on the stock.
inverter update via USB flash drive 2x RS422 (RJ45 socket) 3) Fronius Solar. The company signed an agreement with Samsung for cells to help ramp its energy storage product into 2022.Ĭiti also raised its target on the stock from $300 to $360, which is 40% above where shares closed on Monday. The SolarEdge single phase inverter with HD-Wave technology breaks the mold. Looking ahead to the third quarter, the company envisions revenue coming in between $520 million and $540 million, while the Street had been expecting a forecast of $504.5 million.Ĭiti upgraded the stock to a buy rating following the quarterly update, pointing to SolarEdge's expansion into the residential storage space as an upside catalyst. Revenue came in at $480.1 million, also ahead of the expected $455.9 million. The company reported adjusted earnings of $1.28 for the quarter, which was above the 89 cents analysts were expecting, according to estimates from StreetAccount. "We are successfully navigating through the challenging supply chain environment while continuing to support our customers' growth and expansion with new and existing products," CEO Zvi Lando said in a statement.