SolarEdge Technologies saw another improvement in its IBD SmartSelect Composite Rating Monday, from 94 to 97.
The revised score means the stock currently tops 97% of all other stocks in terms of key performance metrics and technical strength. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.
SolarEdge Technologies is currently forming a consolidation, with a 345.90 buy point. Be advised that it failed to break out of a prior cup with handle pattern. Nevertheless, let's see if the stock can break out in heavy trade at least 40% above average.
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The stock earns a 97 EPS Rating, which means its recent quarterly and longer-term annual earnings growth tops 97% of all stocks.
Its Accumulation/Distribution Rating of B- shows moderate buying by institutional investors over the last 13 weeks.
In Q1, the company posted 142% earnings growth. Top line growth came in at 44%, down from 61% in the prior quarter.
SolarEdge Technologies holds the No. 3 rank among its peers in the Energy-Solar industry group. Array Technologies is the top-ranked stock within the group.
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