Shares of SolarEdge Technologies, Inc. (SEDG) slumped over 20% on Tuesday morning. Monday, after the bell, the company issued a fourth-quarter outlook, which is below current estimates.
SEDG is currently trading at $213.07, down $54.65 or 20.41%, on the Nasdaq.
SolarEdge's third-quarter profit rose to $43.8 million or $0.83 per share from $41.6 million or $0.81 per share last year. Adjusted earnings were $1.21 per share, same as in last year. Revenues down 18% to $338.1 million from $410.6 million last year.
Looking forward to the fourth quarter, the company expects revenues of $345 million to $365 million. Analysts polled by Thomson Reuters currently estimate revenues of $389.57 million.
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