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Tag: SolarEdge Technologies Stock

  • SolarEdge (SEDG) Gain Momentum In Pre-Market Trading

    SolarEdge (SEDG) Gain Momentum In Pre-Market Trading

    SolarEdge Technologies, Inc. (NASDAQ: SEDG) experienced a significant pre-market boost, with shares climbing 13.54% to $13.99. This rise is attributed to the company’s latest portfolio expansion, particularly the introduction of its new SolarEdge Home Battery ‘USA Edition,’ which aligns with the Domestic Content Bonus Credit guidelines set forth by the U.S. Department of Treasury and the IRS.

    Introduction of the SolarEdge Home Battery ‘USA Edition’

    The new SolarEdge Home Battery ‘USA Edition’ expands the company’s portfolio of domestically manufactured solar and storage solutions. Designed to comply with domestic content requirements, the battery offers a storage capacity of 9.7 kWh and integrates SolarEdge ONE, an advanced energy optimization system.

    This innovation helps users maximize energy savings by intelligently managing solar export during peak rate periods. The battery complements SEDG’s existing lineup of U.S.-manufactured inverters and power optimizers, enabling solar providers to optimize incentives for their installations.

    SEDG is Strengthening Domestic Manufacturing and Partnerships

    SEDG has partnered with Bright Ops, a prominent installer in key markets like Puerto Rico, California, and Illinois, where energy storage is vital. The USA Edition battery enhances Bright Ops’ ability to deliver reliable, domestically produced solutions while reinforcing a robust supply chain.

    Homeowners can now benefit from SolarEdge’s proven energy storage technology, backed by domestic manufacturing advantages and incentive programs. By expanding its U.S. production to include energy storage, SEDG demonstrates its commitment to strengthening domestic manufacturing infrastructure.

    This strategic move ensures a steady supply of batteries, inverters, and power optimizers, addressing supply chain challenges while supporting American-made products.

    Economic and Environmental Benefits for Homeowners

    The USA Edition battery provides unique advantages for homeowners, especially in states like California under NEM 3.0. The integration of domestically manufactured solar and storage equipment not only enhances economic returns but also supports American jobs.

    Additionally, SolarEdge simplifies compliance with domestic content bonus credit requirements by offering dedicated SKUs, streamlining tracking for stakeholders. SEDG’s focus on innovation and domestic production underscores its role as a leader in advancing clean energy solutions while aligning with U.S. policy incentives.

  • SolarEdge (SEDG) Shares Extend Pre-Market Gains After Strategic Decision

    SolarEdge (SEDG) Shares Extend Pre-Market Gains After Strategic Decision

    SolarEdge Technologies, Inc. (NASDAQ: SEDG) shares are seemed to be continuing on its upward trend. In pre-market trading, SEDG shares increased by 3.61% to reach $15.33 after rising 8.55% to end the previous session at $14.86. The company’s important strategy statement, which marked a dramatic shift in its operational focus, is credited with this increase.

    Closure of Energy Storage Division

    In a move aimed at refining its business model, SolarEdge (SEDG) has announced the cessation of operations in its Energy Storage division. This decision will lead to the layoff of approximately 500 employees, predominantly located in South Korea. This action is in line with SEDG’s overarching plan to improve financial stability and concentrate more on its core competencies, such as energy management and solar.

    The entire advantages of the closure should be achieved by the second half of 2025, with an estimated $7.5 million saved in quarterly operating expenditures. SolarEdge intends to sell off assets related to the storage sector, such as battery cell and pack production facilities, as part of this move. Crucially, this plan won’t have an impact on battery sales to the residential and commercial solar sectors, guaranteeing ongoing support for its primary solar business.

    Strategic Rationale and Market Challenges

    SolarEdge’s leadership underscored that this decision followed a thorough evaluation of its product portfolio, market trends, and competitive dynamics. The restructuring reflects two key priorities: restoring profitability and positive cash flow through cost reductions, and doubling down on its core solar business and PV-attached storage capabilities.

    The broader energy sector has faced challenges, with high interest rates in the United States driving up residential power costs and dampening demand. SolarEdge’s strategic pivot and accompanying $1 billion writedown reflect an effort to navigate these market difficulties effectively.

    Refocusing on Core Competencies

    By closing the Energy Storage division, SolarEdge aims to concentrate on its primary strength—solar technology. This recalibration positions SEDG to leverage its expertise in photovoltaic systems and energy management, ensuring long-term sustainability and competitive advantage in a challenging market landscape.

  • The best-performing stocks in the Solar Sector last trading session

    The best-performing stocks in the Solar Sector last trading session

    During the third quarter of 2020, U.S. solar firms built 3.8 GW of new solar PV capacity. The industry struggled to recover from some of the worst effects of the Covid-19 pandemic in Q2, which saw installations rise by 9%.

    The Solar Energy Industries Association (SEIA) and Wood Mackenzie have released the “US Solar Market Insight Q4 2020” report, which indicates that solar will account for 43% of all additional capacity additions through Q3 2020, more than any other electricity source. In 2020, a record 19 GW of new solar capacity is projected, representing a 43% year-over-year increase from 2019.

    The residential solar sector, which seems to have been the hardest hit by the pandemic’s business effects, has surpassed recovery expectations, rising 14 percent over Q2. Even it stayed below the rate of Q1.

    Following are the best performing stocks in the Solar Sector in the last trading session.

    Array Technologies Inc. (NASDAQ:ARRY) shares were trading up 4.57% at $38.64 at the time of writing on Tuesday. On December 7, 2020, the company declared the closing of the secondary offering by a parent entity of the Company controlled by Oaktree Capital.

    Array Technologies Inc. (NASDAQ:ARRY) share price went from a low point around $29.05 to briefly over $50.99 in past 52 weeks, though shares have since pulled back to $38.64. ARRY market cap has remained high, hitting $4.86B at the time of writing, giving it price-to-sales ratio of more than 5.

    If we look at the recent analyst rating ARRY, JP Morgan upgraded coverage on ARRY shares with an Overweight rating and a $45.39 price target, which implies room for 6.75% upside momentum this year.

    Canadian Solar Inc. (CSIQ) last closed at $43.02, in a 52-week range of $12.00 to $45.70. The firm on November 23, 2020 reported that it signed a power purchase agreement with BTG Pactual and that it was awarded with two projects in a private auction by Furnas Centrais Elétricas for a total of 862 MWp in solar power projects in Brazil. Analysts have a consensus price target of $45.57.

    Enphase Energy Inc. (ENPH) stock soar by 10.61% to $160.46. The company recently revealed the launch of the Enphase Installer Network (EIN) in Australia. The most recent rating by Piper Sandler, on December 11, 2020, is at an Overweight.

    First Solar Inc. (NASDAQ:FSLR) Shares headed rising, higher as much as 5.39%. The most recent rating by Piper Sandler, on December 11, 2020, is at a Neutral.

    JinkoSolar Holding Co. Ltd. (NYSE:JKS) rose 17.78% after gaining more than $9.55 on Tuesday following declaration of changes to its senior management team.

    Sunnova Energy International Inc. (NOVA) last closed at $42.97, in a 52-week range of $6.12 to $46.00. On December 4, 2020, the firm reported that it closed its securitization of leases and power purchase agreements on November 30, 2020. Analysts have a consensus price target of $40.18.

    Sunrun Inc. (RUN) stock soar by 10.63% to $63.17. The firm on November 24, 2020 reported five environmental justice initiatives to expand access to solar and its benefits. The most recent rating by UBS, on October 27, 2020, is at a Sell.

    SolarEdge Technologies Inc. (NASDAQ:SEDG) Shares headed rising, higher as much as 6.97%. The most recent rating by Piper Sandler, on December 11, 2020, is at an Overweight.

    ReneSola Ltd (NYSE:SOL) rose 17.19% after gaining more than $1.2 on Tuesday. The company stated on December 8, 2020, that China’s Ministry of Finance approved ten of the Company’s rooftop projects to receive incentive payments.

    SPI Energy Co. Ltd. (SPI) last closed at $7.64, in a 52-week range of $0.55 to $46.67.

    SunPower Corporation (SPWR) stock soar by 13.10% to $24.87. The firm on November 24, 2020, declared a tender offer to purchase any and all of its outstanding 0.875% Convertible Senior Debentures due 2021. The most recent rating by UBS, on October 27, 2020, is at a Sell.

    Sunworks Inc. (NASDAQ:SUNW) Shares headed rising, higher as much as 12.81%. On December 7, 2020, the company announced that it has sold approximately 3.8 million shares of common stock. The most recent rating by ROTH Capital, on April 02, 2020, is at a Neutral.

    VivoPower International PLC (NASDAQ:VVPR) rose 19.16% after gaining more than $1.23 on Tuesday after announcing the appointment of Gemma Godfrey to the Company’s Board of Directors.