SolarEdge Technologies, Inc. (SEDG) shares plummeted in premarket trading after the company reported a dismal third quarter, characterized by a significant revenue miss, a massive loss, and a bleak outlook for the fourth quarter. The company attributed the poor performance to a challenging market environment and a significant asset write-down.
SolarEdge Technologies Inc (SEDG) shares have plummeted over 80% this year, driven by concerns about weakening demand in the European solar market. Analyst Mark Strouse of JPMorgan maintains an Overweight rating but lowered the price target, citing Enphase Energy’s (ENPH) disappointing third-quarter results as a signal of broader market challenges.
With the US elections just around the corner, analysts are closely watching renewable energy companies. JPMorgan’s Mark Strouse highlights First Solar, NextEra Energy, and Enphase Energy as potential market movers, with their fortunes potentially tied to the election outcome. While a Democrat sweep or a Trump/Harris victory with a split Congress could benefit these companies, a Republican sweep might introduce uncertainty, especially for less mature markets like offshore wind and EV charging infrastructure. However, the core solar players are expected to remain strong regardless of the political landscape.
RBC Capital Markets analyst Christopher Dendrinos downgraded Enphase Energy (ENPH) due to concerns about competitive pressures and potential market share loss from Tesla’s Powerwall 3. Dendrinos forecasts slower growth next year than current consensus estimates, citing a potential impact on inverter sales in California. While battery demand remains strong, Dendrinos warns of potential slowdown in growth due to NEM 3 adoption.
Ford is trying to boost EV sales by offering free chargers to buyers of its electric vehicles. Meanwhile, Worksport is making waves in the industry with its solar-powered tonneau covers and portable energy systems, aiming to become a major supplier to top automakers.
Sigenergy will be exhibiting its cutting-edge energy storage solutions, including SigenStack for commercial and utility-scale projects and SigenStor for residential and small-scale commercial applications, at Solar & Storage Live UK 2024. The company is committed to driving the future of energy storage with its innovative and efficient technologies.
Energy Toolbase and Stellar Solar have teamed up to implement an advanced energy management solution at a 23-acre transportation terminal in Mira Loma, California. Utilizing Energy Toolbase’s Acumen EMS controls software and BYD’s battery solutions, the project aims to significantly reduce demand charges and optimize energy consumption, resulting in substantial cost savings for the facility.
The recent debate between former President Donald Trump and Vice President Kamala Harris has had a significant impact on the investment landscape. The event has led to a shift in betting markets towards Harris, resulting in a drop in Trump Media & Technology Group shares and a surge in solar stocks. The debate also triggered a dip in cryptocurrency shares and the U.S. dollar.
PointGuard Energy, a subsidiary of Sigenergy, showcased its innovative PointGuard Home energy storage system at RE+ 2024, the largest solar event in the U.S. The 5-in-1 system integrates solar, energy storage, EV charging, and AI-powered management, offering a comprehensive solution for home energy needs.
SolaREIT, a renewable energy real estate investment company, has secured a long-term debt facility with MetLife Investment Management (MIM), enabling the company to expand its real estate financing solutions for solar and battery storage (BESS) developers. This strategic partnership will provide developers with competitive financing options, including land purchases, lease purchases, and land loans, contributing to the growth of the clean energy market.
