SolarEdge Technologies hung in there during the pandemic. And the last couple of quarters its sales and profits soared as the economy recovers. It could be time for the solar energy play's stock to break out. On Tuesday, the Relative Strength (RS) Rating for SolarEdge stock rose from 65 to 71.
It's still dawn in the young solar energy industry as consumers and businesses turn to renewable energy resources. SolarEdge languished the first two quarters last year as the pandemic lingered, then it heated up. It reported 150% earnings per share growth two quarters ago, on a 61% surge in revenue. On May 3, the company reported its first quarter EPS popped 142% to $2.90 on 44% higher sales, to $943.9 million.
SolarEdge Stock Among Best Overall
The best-performing stocks tend to have an 80 or better RS Rating as they launch their biggest climbs. See if watchlist candidate SolarEdge stock can continue to show renewed price strength and hit that benchmark. However, among its other ratings SolarEdge stock has a strong 91 Composite Rating. The Composite Rating combines a number of technical indicators into one easy-to-read score. The best stocks have a 90 or better Composite.
Additionally, Israel-based SolarEdge has a terrific 97 Earnings Per Share Rating, out of 99. The 97 rating shows that SolarEdge tops 97% of all stocks for recent and long-term profit growth. Its B- Accumulation/Distribution Rating, on an A+ to E scale, shows moderately heavy buying of its shares by mutual funds, ETFs and other institutional investors.
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SolarEdge Technologies stock has some catch-up work to do though. It's mostly moved sideways since January 2021. It's trying to complete a consolidation with a 345.90 entry. See if it can break out in volume at least 40% higher than normal. Tuesday afternoon, SolarEdge shares were down about 3.3% to 288.91 in sync with market consolidation.
SolarEdge stock earns the No. 5 rank among its peers in the Energy-Solar industry group. Nextracker and Canadian Solar are also among the group's highest-rated stocks.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
The exclusive Relative Strength Rating from Investor's Business Daily measures market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price movement over the trailing 52 weeks holds up against all the other stocks in our database.
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