Good morning! U.S. stock futures are showing a downward trend today. Let’s take a look at some major stocks that are recording losses in the pre-market trading session.
SolarEdge Technologies, Inc. (SEDG)
SolarEdge Technologies is currently experiencing a 24.1% drop in its shares, trading at $86.50 in the pre-market. This decline follows the release of the company’s preliminary third-quarter revenue results, which fell below estimates. Additionally, SolarEdge has lowered its non-GAAP gross margin forecast. In response to this news, Deutsche Bank downgraded SolarEdge Technologies from Buy to Hold and lowered the price target from $300 to $150, while Roth MKM downgraded the stock from Buy to Neutral and reduced the price target from $280 to $100.
Enphase Energy, Inc. (ENPH)
Enphase Energy is down 14.3% in pre-market trading, currently trading at $99.30. This decline is in sympathy with SolarEdge after Enphase Energy announced that its Q3 revenue, gross margin, and operating income will fall below the low end of its previous guidance range.
SunPower Corporation (SPWR)
SunPower Corporation’s shares have dropped by 8.4% in pre-market trading, currently trading at $5.10. JP Morgan recently maintained SunPower with an Underweight rating and lowered the price target from $9 to $6.
Intuitive Surgical, Inc. (ISRG)
Intuitive Surgical is currently experiencing an 8.1% decline in its shares, trading at $251.50 in the pre-market. This drop follows the release of the company’s mixed third-quarter financial results.
MMTec, Inc. (MTC)
MMTec’s shares fell 7.8% to $1.90 in pre-market trading after soaring 51% on Thursday. MMTec is scheduled to hold its 2023 annual meeting of shareholders on November 10, 2023.
Sunrun Inc. (RUN)
Sunrun’s shares have declined by 7.8% in pre-market trading, currently trading at $9.75. In response to this news, Deutsche Bank downgraded Sunrun from Buy to Hold and reduced the price target from $27 to $15.
Sunnova Energy International Inc. (NOVA)
Sunnova Energy International’s shares have fallen 6.8% to $8.58 in pre-market trading. Deutsche Bank downgraded Sunnova Energy International from Buy to Hold and lowered the price target from $23 to $12.5.
Canadian Solar Inc. (CSIQ)
Canadian Solar is currently down 5.3% in pre-market trading, trading at $20.62. The company is expected to release its third-quarter results on November 14, 2023.
First Solar, Inc. (FSLR)
First Solar’s shares have declined by 5.2% to $144.00 in pre-market trading.
WD-40 Company (WDFC)
WD-40 Company’s shares have fallen by 4.5% in pre-market trading, currently trading at $194.97. The company reported in-line earnings for its fourth quarter, with sales exceeding estimates. However, WD-40 issued a weak earnings forecast for FY24.
That’s all for now! Don’t forget to check out our pre-market coverage for more updates and insights. And if you’re interested, take a look at our article on the top 3 materials stocks you may want to consider dumping this month.