The solar energy firm reported mixed second-quarter results
SolarEdge Technologies Inc (NASDAQ:SEDG) stock is plunging today, despite better-than-expected second-quarter earnings results. The alternative energy name's revenue missed estimates, and it issued a dull third-quarter revenue forecast. Plus, no fewer than nine analysts slashed their price targets, including Guggenheim to $290 from $400.
So far in the options pits, 9,710 calls and 7,636 puts have crossed the tape, which is already 2.9 times the average daily options volume. The weekly 8/4 190-strike put is the most popular, with new positions being there.
At last glance, SEDG was down 16.3% to trade at $200.40, earlier moving as low as $197.00 -- near the equity's October lows. Below all notable short- and long-term moving averages, the stock is now down 30% in 2023.
A short-term bounce could soon be in the cards, however. SEDG's 14-day relative strength index (RSI) of 26.1 sits in "oversold" territory, while short interest represents 6.7% of the stock's available float.