RTTNews | Aug 3, 2021 09:53AM EDT

09:52 Tuesday, August 3, 2021 (RTTNews.com) - Shares of SolarEdge Technologies, Inc. (SEDG) are currently gaining nearly 20% on Tuesday morning driven by its second-quarter results and outlook.

SEDG is currently trading at $306.76, up $49.04 or 19.03%, on the Nasdaq. The stock has traded between $178.32 and $377.00 in the 52-week period. SolarEdge has gained nearly 50% in that time-frame.

SolarEdge's second-quarter revenues surged 45% to $480.1 million from $331.9 million last year. Revenues from the solar segment were $431.5 million, up 39% from $310.1 million in the same quarter last year.

Second-quarter profit jumped to $45.1 million or $0.82 per share from $36.7 million or $0.70 per share last year. On an adjusted basis, profit was $72.5 million or $1.28 per share, up from $52.1 million or $0.97 per share last year.

Analysts polled by Thomson Reuters expected earnings of $1.12 per share on revenues of $454.69 million for the quarter.

Looking forward to the third quarter, the company expects revenues to be within the range of $520 million to $540 million. Analysts currently expect revenues of $504.68 million for the quarter.

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