US83417M1045 - Common Stock
Let’s dig into the relative performance of SolarEdge (NASDAQ:SEDG) and its peers as we unravel the now-completed Q3 renewable energy earnings season.
Uncertainty around clean energy incentives and rising interest rates punished these clean energy leaders.
A new presidential administration could bring headaches for renewable energy.
Shares of solar power systems company SolarEdge (NASDAQ:SEDG) fell 22.3% in the morning session after the company reported underwhelming third-quarter earnings. Its revenue guidance for the next quarter missed, and its revenue fell short of Wall Street's estimates. Notably, the company wrote down $612 million in inventory, reflecting lowered demand, particularly in Europe. As a result, SolarEdge implemented price cuts and promotional discounts to compete in this market, which is likely to result in a shortfall in its margins. Lastly, the company called out seasonal weakness heading into the winter. Overall, this was a challenging quarter for the business, with little reasons for investors to stay positive.
Solar stocks got a lot cheaper this week. You still shouldn't buy them.
These are the stocks posting the largest moves in premarket trading.
As we await the opening of the US market on Thursday, let's delve into the pre-market session and discover the top gainers and losers shaping the early market sentiment.
SEDG earnings call for the period ending September 30, 2024.
SolarEdge (SEDG) delivered earnings and revenue surprises of -889.03% and 3.13%, respectively, for the quarter ended September 2024. Do the numbers hold clues to what lies ahead for the stock?
As the regular session of the US market concludes on Wednesday, let's get an insight into the after-hours session and identify the stocks leading the pack in terms of gains and losses.