Israeli solar energy company SolarEdge Technologies (Nasdaq: SEDG) saw its share price jump 14.85% on Wall Street on Friday, giving a market cap of $1.649 billion. The share price is up 35.7% from its low-point several weeks ago. SolarEdge, managed by CEO Zvi Lando, provides technological solutions for the solar energy industry, which is sensitive to changes in interest rates. Solar energy installations are often financed through loans, so when interest rates fall, the expectation is for increased demand in the industry. After US Federal Reserve chairman Jerome Powell signaled over the weekend that an interest rate cut is expected soon, SolarEdge and other shares in the industry soared. RELATED ARTICLES SolarEdge seen laying off hundreds SolarEdge slumps further on plans to raise $300m bond SolarEdge dips after another weak quarter SolarEdge's share price is still down 69% from the beginning of the year and 92% from its peak in 2021. The company has been hit over the past year by falling orders from overstocked distributors, and consequently revenue has been down. Recently SolarEdge indicated that increased orders and higher revenue are expected in the first half of 2025. Published by Globes, Israel business news - en.globes.co.il - on August 25, 2024. © Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
