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SolarEdge Stock Pops on Reported Analyst Double Upgrade
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Main points
- SolarEdge Technologies shares jumped after Goldman Sachs analysts reportedly gave the company a dual rating.
- Analysts reportedly said concerns about SolarEdge’s debt may be overblown and that a recent restructuring could improve its product mix.
- Despite Tuesday’s gains, SolarEdge shares are still down nearly 85% in 2024.
SolarEdge Technology (SEDGShares of the solar equipment maker rose on Tuesday after Goldman Sachs analysts reportedly gave the solar equipment maker a double upgrade.
Goldman Sachs raised its rating to “buy” from “sell” and raised its price target to $19 from $10. Investors Business News. That premium reached 29% after SolarEdge shares soared 20% intraday to $14.78 on Wednesday. However, the stock is set to lose nearly 85% by 2024.
The company said concerns about SolarEdge’s $350 million in debt may be “overblown,” the report said. In June, SolarEdge said one of its customers applied Chapter 7 bankrupt and may Unable to pay Its debt is $11.4 million.
Last month, SolarEdge shut down its energy storage unit, which it said would save the company $7.5 million in operating expenses by the second half of 2025. Goldman Sachs said the restructuring provides SolarEdge with an opportunity to improve its product sales mix inflammatory bowel disease.
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