Benzinga | Oct 27, 2021 03:41PM EDT

Why SolarEdge Shares Are Rising

Solaredge Technologies Inc (NASDAQ:SEDG) shares are trading higher in sympathy with Enphase Energy (NASDAQ:ENPH), which reported better-than-expected third-quarter results and issued strong fourth-quarter guidance.

Enphase Energy reported quarterly earnings of 60 cents per share which beat the analyst consensus estimate of 48 cents per share by 25%. The company also reported quarterly sales of $351.50 million which beat the analyst consensus estimate of $343.15 million by 2.4%.

Keybanc analyst Sophie Karp also maintained Enphase Energy with an Overweight and raised the price target from $179 to $216.

SolarEdge Technologies designs, develops and sells direct current optimized inverter systems for solar photovoltaic 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.

SolarEdge has a 52-week high of $377.00 and a 52-week low of $190.10.