Why SolarEdge Technologies Fell 23.4% in August
Shares of SolarEdge Technologies (NASDAQ: SEDG) fell 23.4% in August, according to data from S&P Global Market Intelligence. The company, which sells power inverters for solar panels as well as other clean energy technologies, posted disappointing earnings for the second quarter of 2022.
On top of earnings, there was an announced investigation that could ban SolarEdge's products from getting imported into the United States (the company is based in Israel).
On Aug. 2, SolarEdge reported earnings for the three months ending in June. Revenue was $727.8 million, up 11% from the prior quarter and an impressive 52% year over year. Unlike a lot of clean energy and technology companies, SolarEdge is profitable, generating non-GAAP earnings per share (EPS) of $0.95 in Q2. However, EPS was actually down from $1.28 in the year-ago quarter.
Source Fool.com
