SolarEdge Technologies stock dropped Monday after a Barclay analyst predicted continued hard times for the maker of solar inverters—high-tech devices that convert the direct current produced by solar panels into the alternating current used in homes.
“Late to the game, but downgrading SEDG as we think there is probably more bad news before we get good news,” Cho wrote. “…Our channel checks have only gotten incrementally negative since last quarter’s call while the euro also seems to be weakening and cash flow conversion cycles would be impacted by the extension of payment terms to customers.”
The stock has fallen 57% this year. In August, the company forecast lower third-quarter revenue than Wall Street analysts expected, sending the shares lower.
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Stocks making the biggest moves premarket: Rivian, SolarEdge, Sphere Entertainment and moreThese are the stocks posting the largest moves in early trading.
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