SolarEdge Technologies Inc. shares were trading higher Tuesday, following its reporting record revenues in the third-quarter.
At 1:07 p.m. ET, the company’s stock had risen 18.39% to trade at $250.15 a share. Volume at the time topped 2.3 million shares, above the stock’s 65-day average volume of just over 1 million shares.
After the bell Monday, the smart energy technology company reported third-quarter earnings per share of 43 cents on revenue of $836.7 million. The company also said it recorded record revenue of $788.6 million in its solar segment.
In the year-ago period, the company reported earnings per share of $1.01 on revenue of $526.4 million.
SolarEdge said revenues in Europe in the third quarter grew 90% from the year-ago period.
For the fourth quarter, the company said it is expecting revenues in a range of $855 million to $885 million and revenues from the solar segment in a range of $810 million to $840 million.
On Tuesday, Piper Sandler raised its price target on SolarEdge shares to $325 each from $315, and BMO Capital raised its price target to $316 per share from $306, while Needham cut its price target on the stock to $370 per share from $380, as reported by Benzinga.