- The shares of SolarEdge Technologies Inc (NASDAQ: SEDG) have received a $441 price target from Wells Fargo. These are the details.
The shares of SolarEdge Technologies Inc (NASDAQ: SEDG) have received a $441 price target from Wells Fargo. And Wells Fargo analyst Michael Blum initiated coverage of SolarEdge with an “Overweight” rating.
Blum noted that he believes SolarEdge stands to benefit from several long-term tailwinds in the solar market, including the continued expansion of the residential, commercial, and utility solar markets. Plus the company will also benefit from higher battery attach rates over time and the decentralization of energy production.
Earlier this month, the company reported its third quarter 2021 results. These are the highlights:
— Record revenues of $526.4 million
— Record revenues from solar segment of $476.8 million
— GAAP gross margin of 32.8%
— Non-GAAP gross margin of 34.0%
— Gross margin from solar segment of 36.6%
— GAAP net income of $53.0 million
— Non-GAAP net income of $82.1 million
— GAAP net diluted earnings per share (“EPS”) of $0.96
— Non-GAAP net diluted EPS of $1.45
— 1.9 Gigawatts (AC) of inverters shipped
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