SolarEdge Technologies Inc. posted its third quarter results after the bell Monday, leading to its shares soaring on Tuesday. The smart energy technology company’s third-quarter revenue rose to $836.7 million, from $526.4 million in the year-ago quarter. The company mentioned that it generated a record revenue of $788.6 million in its solar segment. SolarEgde’s revenues in Europe surged +90%...
NextEra Energy Partners reported its third-quarter operating earnings per unit of 93 cents, beating Zacks Consensus Estimate of 63 cents. Operating revenues were up +19.8% from the year-ago quarter to of $302 million on the back of new projects. However, it was below the Zacks Consensus Estimate of $415 million. NextEra board of directors announced a quarterly distribution of 78.25 cents per...
Array Technologies fourth quarter revenue exceeded analysts’ expectations. However, its earnings missed estimates. The company’s Q4 2021 revenues rose +22% from the year-ago quarter to $219.9 million, beating the consensus estimates of $213.82 million. Adjusted net loss incurred in the quarter was -$0.06, wider than the expected -$0.03. Looking ahead, Array projects 2022 revenue in the range...
On Friday, Sunrun shares rose, after analysts at Needham initiated coverage of the solar energy company with a buy rating and a $75 price target. Needham analyst Vikram Bagri cited Sunrun’s position as "the leader in the crowded US residential solar industry with about 15% share, almost 2x that of its closest competitor." "We think the industry, which has expanded rapidly since 2016, can keep...
Sunrun posted a wider-than-expected second-quarter net loss even as revenue surged more than 100% year-over-year.
The provider of solar panels reported a quarterly loss of -20 cents a share, wider than the -11 cents a share in the year-ago quarter.FactSet had a consensus expectation-8 cents a share and - 13 cents a share for adjusted loss.
Revenue rose to $401.2 million, more than double the year-ago quarter’s $181.3 million.
Sunrun named Mary Powell as its next CEO.
SolarEdge Technologies, Inc. posted its second quarter earnings that surpassed analysts’ expectations.
The solar power equipment maker’s non-GAAP earnings came in at $1.28 per share, compared to analysts’ estimate of 89 cents a share (based on FactSet survey).Earnings in the year-ago quarter were 70 cents a share.
Revenue increased to $480.1 million in the quarter vs. year-ago quarter’s $331.9 million.
CEO Zvi Lando mentioned “record revenues” in both solar and non-solar businesses, and continued solid demand in various geographies and across the different segments.
SolarEdge expects third-quarter revenues in the range of $520 million to $540 million.
This compares to year-ago revenues of $205.55 million.
However, the company’s weak second-quarter guidance led to its shares falling. It expects sales to come in between $300 million and $320 million during the second quarter, compared to analysts’ projections of $320.7 million (based on FactSet data).
“Looking to Q2, our shipment volumes will be constrained by semiconductor component availability,” Enphase President and CEO Badrinarayanan Kothandaraman said during the company’s earnings call.
“Although we are increasing the capacity of solar microinverters every quarter and the demand is increasing every quarter, the supply is unable to keep up with demand because of semiconductor constraints, component constraints,” Kothandaraman added.
The firm also opened a 90-day catalyst watch on the solar energy equipment maker.
Citigroup analyst J.B. Lowe hiked First Solar's share-price target to $100 from $88 a share.The analyst sees many tailwinds ahead for the company, such as the potential inclusion of a 10-year solar tax credit extension and the revival of the 48C Advanced Manufacturing Tax Credit. Lowe also sees benefits from U.S. trade policy, including the extension of Section 201 tariffs on imported Chinese panels and possible sanctions against solar products sourced from Xinjiang.
On Friday, Sunrun shares were upgraded to overweight from neutral at Piper Sandler.
Piper Sandler set a $77 price target on the solar energy company’s shares, implying a 63% potential upside from the Thursday closing price. Piper cited "strong growth story associated with residential solar" and the company's management team as key strengths.
Also, RBC analyst Elvira Scotto recently mentioned that Sunrun has roughly 25% of the total residential rooftop market, and its size, scale and brand bolster its ability to garner customers and secure better financing.RBC has an outperform rating and $81 price target on Sunrun shares.
Last month, Goldman Sachs analyst Brian Lee boosted rating on the company’s shares to buy from neutral.
Shares of solar energy companies Enphase Energy and SolarEdge got rating upgrades from analysts at Susquehanna. Susquehanna analysts boosted their rating on the shares to positive from neutral. Analyst Biju Perincheril said he expects U.S. solar capacity to increase by about 25 gigawatts over the next five years, an upward revision of 1 gigawatt from his January forecast, according to...
While the gains have been impressive, the rallies could be coming to an end or seeing a pause at the very least.
Three companies in particular jumped out at me because all three have seen pullbacks in the current week.All three have seen big gains in their stock prices since March, but Plug Power stands out among the three.
Plug bottomed at a price of $2.53 in March and it recently peaked at $28.70.
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SolarEdge Technologies’ earnings edged past analysts’ expectations for the first quarter.
The solar energy technology company reported adjusted earnings of 64 cents per share, which exceeded analysts' estimates of 62 cents.Revenue of $271.9 million also beat analysts’ expectations of $265.4 million.
Guy Sella, founder, chairman and CEO of SolarEdge, mentioned Europe as a strong contributor to the first quarter growth.
James Sucio resigned from NextEra Energy Partners' board. Sucio served as independent director of the NextEra Energy subsidiary's audit committee since last year.Bryne had also initially served for three years on the board of the general partner of NextEra Energy Partners.
Parent company NextEra Energy ranks amongst the largest energy companies in the U.S. , and has revenues of over $17 billion (as of 2017).
Pattern Energy Group (PEGI) saw its shares rise by +7% the day after it posted much improved Q3 results.
The renewable power company hit a rough patch over the last couple of years, owing largely to a string of acquisitions.To stabilize its financial situation, the company had to stop its pay-out increase in 2018, after increasing its dividend for 15 straight quarters.
However, a much-improved performance in the Q3, coupled with a few strategic moves during the quarter, have brought the company back on track to achieve its growth target.
PEGI increased its power sales by 7% to 1,623 GW, compared to 1,514 GW in Q3 2017.