SolarEdge Technologies has confirmed a bull flag breakout on the chart. Normally I would not be chasing breakouts in a market where the U.S., Israel, and Saudi Arabia have formed a coalition to wage war across the Middle East. However, the bullish solar panel news out of California yesterday has really gotten solar stocks moving.
SolarEdge Technologies issued its earnings results on February 14, 2018. The company reported EPS of $0.80 versus the $0.51 estimate. Revenue also beat coming in at $189.34 million versus the $179.78 million estimate.
Revenue has grown by 78.77% in the past year, wow. This is very strong growth! Measured over the past 5 years, revenue has been growing by 52.81% on average per year.
SolarEdge Technologies Stock Chart
I give SEDG stock a buy rating with a $70 price target. Most analysts agree with my buy rating. Overall there are 2 sell ratings, 3 hold ratings, and 11 buy ratings on the stock. The average analyst price target is $52.16 which represents -10% downside from the current price. I think most analysts have not updated their price targets after the big California news story yesterday. I expect the price target to rise over the coming weeks.