Solaredge Technologies (NASDAQ:SEDG) stock is falling on Thursday after the company’s shares were hit with multiple downgrades following its latest earnings report.
Those downgrades came after the company reported an adjusted earnings per share of -55 cents. That’s a massive miss compared to Wall Street’s estimate of 89 cents per share for the quarter.
Also not helping SEDG stock today is its revenue of $725.3 million in Q3 2023. Yet again, that comes in below analysts’ revenue estimate of $768.38 million for the period.
All of this negative earnings news resulted in analysts weighing in on SEDG stock today. Let’s break that down below!
SEDG Stock Downgrades Today
- Truist Financial starts us off by downgrading SEDG to a “hold” rating and cutting its price target to $70 per share.
- BMO Capital Markets is next as it drops the company’s shares to a “market perform” rating and a price prediction of $68 each.
- Guggenheim is the final analyst hitting SEDG stock with a downgrade today as it sets a new “neutral” rating for the shares.
For the record, the analysts’ consensus rating and price prediction for SEDG is hold and $212.84 per share.
SEDG stock is down 14.3% as of Thursday morning and was down 73.5% year-to-date when markets closed yesterday.
There’s plenty more stock market news that traders are going to want to read about below!
We’re offering up insight into all of the hottest stock market stories on Thursday! Among that is what has shares of Safe & Green (NASDAQ:SGBX), Confluent (NASDAQ:CFLT) and EnGene (NASDAQ:ENGN) stock moving today. You can read more on these matters at the links below!
More Thursday Stock Market News
- Why Is Safe & Green (SGBX) Stock Down 5% Today?
- Why Is Confluent (CFLT) Stock Down 35% Today?
- Why Is EnGene (ENGN) Stock Up 8% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
