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SolarEdge Technologies said on Sunday that it would lay off about 16% of its global workforce as it tries to reduce operating costs.
SolarEdge Technologies reportedly will cut 900 jobs, 16% of the workforce, amid plunging demand for the Israel solar power inverter maker.
The latest trading day saw SolarEdge Technologies (SEDG) settling at $69.11, representing a -0.23% change from its previous close.
In the latest trading session, SolarEdge Technologies (SEDG) closed at $78.54, marking a -1.31% move from the previous day.
The U.S. solar industry will experience modest growth in 2024, as electricity prices decline and support from the Inflation Reduction Act (IRA) rolls in, SolarEdge Chief Financial Officer Ronen Faier said on Thursday.
SolarEdge has experienced a significant decline due to a valuation reset and collapsing consumer demand caused by higher interest rates. It will take time for utility costs to rise enough to improve the payback period for solar installations. SolarEdge enters this difficult period with a net cash balance sheet.
In the most recent trading session, SolarEdge Technologies (SEDG) closed at $96.03, indicating a -1.08% shift from the previous trading day.
SolarEdge (SEDG) reported earnings 30 days ago. What's next for the stock?
Certain Wall Street strategists believe PayPal and SolarEdge Technologies are poised to notch triple-digit returns over the next year. PayPal is the leader in online payment processing and its revenue could compound at 11% annually over the next decade, according to Morningstar.
Nvidia is the best performing stock in the S&P 500 year to date, while SolarEdge Technologies is the worst performing stock in the index. Shares of Nvidia have skyrocketed 237% due to demand for artificial intelligence (AI) computing solutions, but the stock looks expensive at its current valuation.