Why Shares of SolarEdge Technologies Climbed 29.9% in November
The days grew shorter throughout November, but shares of SolarEdge Technologies (NASDAQ: SEDG) remained a bright spot for investors throughout the month. While the S&P 500 shot 5.4% higher, SolarEdge's stock roared 29.9% higher, according to data from S&P Global Market Intelligence.
Besides the company's report of a record-breaking third quarter, investors warmed up to the solar stock in response to analysts who offered bullish takes throughout the month.
While analysts expected the company to book revenue of $822.4 million for the third quarter 2022, SolarEdge exceeded the analysts' estimate and reported sales of $836.7 million. Representing a year-over-year increase of 59%, SolarEdge's Q3 2022 revenue set a new high-water mark for quarterly revenue. According to Zvi Lando, SolarEdge's CEO, the company's impressive top-line growth "reflects extremely strong momentum in Europe, where our revenues grew 90% compared to the same quarter last year."
Source Fool.com
