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Solar energy technology company SolarEdge Technologies (SEDG) - Get SolarEdge Technologies Inc. Report  was soaring Tuesday following its first-quarter earnings beat and a bullish note from analysts at JMP Securities. 

The Israeli company reported a first-quarter net profit of $19 million, or 64 cents per share on an adjusted basis, topping analysts' estimates of 62 cents. Revenue of $271.9 million also exceeded the market's $265.4 million expectations. 

For the current quarter, the company expects to generate between $310 million and $320 million in revenue. Analysts are expecting the company to report revenue of $314.9 million for the quarter. 

"We opened 2019 with a strong quarter and record revenues driven by substantial growth, particularly in Europe, which demonstrates our leading position in the global solar inverter market," said Guy Sella, founder, chairman and CEO of SolarEdge. "This quarter we concluded the acquisition of SMRE which provides us with an entry into the e-mobility market and we continued the integration of Kokam and the building of our UPS business.

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JMP Securities lifted its rating on the stock to market outperform from market perform.

SolarEdge rose 21.40% to $53.27.