SolarEdge Technologies Shares Soar 19% on Q3 Beat

SolarEdge Technologies (NASDAQ:SEDG) shares surged more than 19% on Tuesday following the company’s reported Q3 results, with revenue of $836.7 million beating the Street estimate of $826.36 million. EPS came in at $0.91, compared to the Street estimate of $1.47.

The company expects Q4 revenue in the range of $855-885 million, compared to the Street estimate of $856.78 million.

Oppenheimer analysts provided their views on the results, noting they are encouraged by the ramp in the company’s battery sales as it works to meet initial channel demand. The analysts believe this bodes well for customer engagement and sell-through over time as well as provides an opportunity for further margin expansion. Commentary on EU demand is bullish, in the analysts’ view, as it provides a solid backdrop to support topline growth and operating leverage.