Benzinga | Nov 3, 2020 11:47AM EST

Why SolarEdge Technologies Stock Is Trading Lower Today

SolarEdge Technologies (NASDAQ:SEDG) shares are trading lower on Tuesday after the company reported worse-than-expected third-quarter sales results. The company also issued fourth-quarter sales guidance below estimates.

SolarEdge Technologies together with its subsidiaries designs develops and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations. The company system consists of power optimizers, inverters, and cloud-based monitoring platform and addresses a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations.

The company sells its products directly to solar installers, engineering, procurement, and construction firms and indirectly to solar installers through distributors and electrical equipment wholesalers.

SolarEdge Technologies shares were trading down 24.35% at $202.52 on Tuesday. The stock has a 52-week high of $317.88 and a 52-week low of $67.02.